Campbell Soup (CPB) PT Raised to $47 at Wells Fargo

Wells Fargo analyst John Baumgartner raised the price target on Campbell Soup (NYSE: CPB) to $47.00 (from $45.00) while maintaining a Equal Weight rating.

The analyst comments "Raising target on higher estimates, stay Equal Weight. Our target of $47 (was $45) is based on an unchanged CY25e EPS of 14x, still a 15% discount to past averages, reflecting malaise in the Food sector (and sequential development of fundamentals). We stay Equal Weight. That in mind, CPB may well intrigue within Food if SOVO keeps this growth going (PF net sales were +2.2% in FQ3 vs. organic flat, a notable contribution namely if underlying orgs find life)...to monitor into Sept investor day."

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