Bernstein lowered the firm’s price target on Campbell’s (CPB) to $44 from $47 and keeps an Outperform rating on the shares. The firm says that compared to rather weak performance across other U.S. Food companies, this quarter’s results “weren’t too shabby” and came through ahead of management expectations. Underlying soup volume/mix growth of 2% excluding the pull forward of shipments was encouraging and suggests the category is well-aligned with current cooking from scratch trends as well as the needs of GLP-1 patients, Bernstein adds. Snacking category sales remain weak, which the firm attributes to both consumer value-seeking behavior and also the uptake of GLP-1 drugs in the U.S.
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