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.
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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