Campbell’s price target lowered to $32 from $34 at Wells Fargo

Wells Fargo analyst Chris Carey lowered the firm’s price target on Campbell’s (CPB) to $32 from $34 and keeps an Equal Weight rating on the shares. The firm is aggregating models across Beverage/Food/HPC and updating price targets. Its new price target is based on 11.5-times its CY26 EPS, which is a 30% discount to Campbell’s 15.5-times historical average, but more in-line with the Food sector average in the 10-turns, giving Campbell’s some credit for a small historical premium to the sector. Wells thinks this is reasonable considering Campbell’s volumes remain under pressure, with potential EPS risks ahead.