Campbell’s price target lowered to $33 from $39 at Bernstein

Bernstein lowered the firm’s price target on Campbell’s (CPB) to $33 from $39 and keeps an Outperform rating on the shares. The firm says that on paper, Campbell Soup’s portfolio looks fairly well-matched to emerging consumer trends, with Meals and Beverages enjoying decent performance in broths and condensed soups, which seem well-aligned with cooking from scratch trends. The Pacifico and Rao’s brands also seem to work well given their authentic ingredients and premium taste. But RTS soup remains under pressure, admittedly partly due to the Well Yes! discontinuation. Then on the Snacks side, Pepperidge Farm cookies are doing very well, but Pretzels remain under pressure, and the billion-dollar Goldfish brand remains under competitive pressure from new entrants into baked snacks, Bernstein adds.