Goldman Sachs Maintains Rating on Campbells (CPB)

Goldman Sachs Maintains Rating on Campbells (CPB)


Goldman Sachs reported on Monday that they are reaffirming their “Buy” rating on packaged food company, Campbell Soup Company(CPB).

The firm has reiterated its “Buy” rating and $40 price target on CPB. This price target suggests a 4.5% increase from the stock’s current price of $38.20.

An analyst from the firm commented, “we recommend investors buy CPB ahead of what we believe could be a topline driven 2Q13 beat on the back of better-than-expected soup volumes and strength in its global baking business. Our sales and EPS estimates for the quarter are 3% and 5% above consensus, respectively. The stock continues to trade at a 20% P/E multiple discount to the overall Food group, despite posting US retail sales growth of 2.4% over the most recent quarter (compared to a flat average for most of our coverage). We favor CPB into the print on expectations of better results and recommend it longer-term on its potential to re-rate back to historical relative levels as fundamental improvement continues in its core business. We revise our EPS estimates by less than 1% as we update FX.”

Campbell shares were up 24 cents, or 0.63% during Monday morning trading. The stock has increased 20% in the past year.

The Bottom Line
Shares of Campbell Soup Company(CPB) have a 3.06% yield, based on Friday’s closing price of $37.93.

Campbell Soup Company(CPB) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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