Campbell Soup price target raised to $50 from $46 at RBC Capital

RBC Capital analyst Nik Modi raised the firm’s price target on Campbell Soup to $50 from $46 and keeps a Sector Perform rating on the shares. The analyst cites the company’s strong Q1 earnings beat as its organic growth outperformed expectations on improving supply chain execution. Modi adds that Campbell Soup management is seeing consumers trading into at-home food, which is benefiting their categories and should keep demand elasticities better than expected within packaged food despite historically high levels of pricing.