Campbell’s price target lowered to $44 from $51 at RBC Capital

RBC Capital analyst Nik Modi lowered the firm’s price target on Campbell’s (CPB) to $44 from $51 and keeps a Sector Perform rating on the shares after its Q2 results and guidance cut. The company had faced a challenging environment in the quarter, particularly in Snacks, which caused results to fall short of Street estimates and yielded a full year guidance cut that was “necessary/inevitable”, the analyst tells investors in a research note. Campbell’s should now be able to focus on improving performance, though macro/consumer headwinds are currently proving formidable, RBC adds.