Campbell’s initiated with a Neutral at BTIG

BTIG analyst Rob Dickerson initiated coverage of Campbell’s (CPB) with a Neutral rating. Given category/brand positioning, along with the ongoing volume deleverage, cost inflation, execution disruptions, and mix, the firm notes that it finds Campbell’s near-term top-line and margin recovery potential limited, the analyst tells investors in a research note. Combined with leverage and challenged cash flexibility, the stock’s current discounted valuation is warranted, BTIG added.