Campbell Soup price target raised to $49 from $45 at Barclays

Barclays raised the firm’s price target on Campbell Soup to $49 from $45 and keeps an Underweight rating on the shares. The firm understands the “investor reservation” around Campbell’s decision to raise it long-term growth algorithm given the track record of success for packaged food companies that have done so “is checkered, to say the least.” The analyst thinks “management thought long and hard” about whether to raise its organic sales growth algorithm. However, in light of the addition of Sovo, incremental planned investment spend, a greater contribution from innovation, and an advantaged supply chain, the company “had a hard time not expressing some level of increased optimism for the potential of its top line, even in the broader context,” the analyst tells investors in a research note.