Goldman Sachs reported on Wednesday that they see food producer, Campbell Soup Company(CPB) continuing their recent growth trends.
The firm has reaffirmed its “Conviction Buy List” rating for the company, and has raised its price target. Analysts have good expectations for the company after seeing CPB’s sales growth in the last two quarters after two straight years of decline.They are expecting the company’s growth to continue
A Goldman Sachs analyst commented, “it is clear to us that CPB’s business is not yet firing on all cylinders with its beverage business now softening just as soft spots, such as Australia, are firming up. But we continue to believe that CPB’s future rests on the prospects of its core US soup business and we remain constructive on this front.”
Campbell’s shares were mostly flat during premarket trading Wednesday. The stock is up 8.94% YTD.
The Bottom Line
Shares of Campbell Soup (CPB) have a 3.20% dividend yield, based on last night’s closing stock price of $36.21. The stock has technical support in the $33-$34 price area. If the shares can firm up, we see overhead resistance around the $40-$41 price levels.
Campbell Soup Company(CPB) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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