BofA raised the firm’s price target on Campbell Soup to $51 from $50 and keeps an Underperform rating on the shares after the company reported fiscal Q2 earnings ahead of BofA estimates and raised its FY23 organic and net sales outlooks as well as the midpoint of its EBIT and EPS outlooks. Flowing through the Q2 beat and better underlying assumptions, the firm raised its own FY23, FY24 and FY25 adjusted EPS estimates. However, it thinks a discount to peer average multiple is justified as Campbell will face tough comparisons in 2023 relative to peers while underlying growth in the business will face tough comparisons.
Published first on TheFly
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- Campbell Soup Delivers Better-than-Expected Q2 Results; Raises Outlook
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