Piper Sandler analyst Michael Lavery downgraded Sovos Brands (SOVO) to Neutral from Overweight with a price target of $23, up from $20, after the company entered into an agreement to be acquired by Campbell Soup (CPB) for $23 per share in cash. Antitrust clearance is not guaranteed, “but looks likely to us,” the analyst tells investors in a research note. The firm expects the deal to close.
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