Campbell’s price target lowered to $35 from $40 at Barclays

Barclays analyst Andrew Lazar lowered the firm’s price target on Campbell’s (CPB) to $35 from $40 and keeps an Underweight rating on the shares following the fiscal Q3 report. The company’s snack segment trends deteriorated sequentially in Q3 and the below-forecast Rao’s results “understandably have investors uncertain on both the timing and magnitude of investment it will take to stabilize the business,” the analyst tells investors in a research note. The firm now looks for a year-over-year earnings decline in Campbell’s fiscal 2026 of more than 5%, which incorporates a 3% headwind from incentive comp, a 5% headwind from tariffs, and another 2% headwind from higher brand spend.