Stephens analyst Jim Salera downgraded Sovos Brands (SOVO) to Equal Weight from Overweight with a $23 price target following the announcement that Sovos would be acquired by Campbell Soup (CPB) for $23 per share. In conjunction with the downgrade, the analyst is changing his 2023 Best Idea selection from Sovos to cash.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SOVO:
- Sovos Brands downgraded to Market Perform from Outperform at Telsey Advisory
- Campbell Soup price target lowered to $49 from $52 at Deutsche Bank
- Sovos Brands downgraded to Market Perform from Outperform at William Blair
- Sovos Brands downgraded to Hold from Buy at Stifel
- Sovos Brands downgraded to Neutral from Overweight at JPMorgan