Campbell’s downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Alexia Howard downgraded Campbell’s (CPB) to Market Perform from Outperform with a price target of $21, down from $27. The firm says its upgrade thesis has not played out. It cites Campbell’s’s underperformance in soup, ongoing challenges in the Cape Cod and Kettle potato chip brands, and “middling performance” in Pepperidge Farm for the downgrade. Campbell’s soup brands are “either growing share in a shrinking subcategory, or vice versa,” the analyst tells investors in a research note.