RBC Capital analyst Nik Modi lowered the firm’s price target on Campbell’s (CPB) to $30 from $35 and keeps a Sector Perform rating on the shares. The company reported better than feared Q1 results, but with little change or improvement in underlying trends, the analyst tells investors in a research note. The Snacks segment generally remains challenged, and while hard to quantify without seeing marketplace actions, PepsiCo’s (PEP) announced price investment initiative in Frito-Lay is certainly an incremental negative, RBC added.
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