Campbell’s price target lowered to $38 from $44 at RBC Capital

RBC Capital lowered the firm’s price target on Campbell’s (CPB) to $38 from $44 and keeps a Sector Perform rating on the shares. The company reported mixed Q3 results, as worsening consumer sentiment had an opposite effect on the company’s two divisions, with Meals & Beverages segment continuing to benefit from consumers eating more meals at home, while Snacks remained under pressure due to increased competition and more intentional consumer spend, the analyst tells investors in a research note. Campbell’s now expects lighter profitability for the full year given lack of material recovery in Snacks, while tariffs look set to add additional pressure in Q4 and beyond, RBC added.