Bank of America Maintains Neutral Rating, $35 PO on Campbell Soup

Bank of America is maintaining its Neutral rating and $35 PO on shares of Campbell Soup Co. (NYSE: CPB).

“FY12/FY13 EPS goes from $2.54/$2.65 to $2.35/$2.45,” Bank of America writes. “Lower estimates reflect incremental marketing investments and expected volume disruption. We also raise our 4Q11 EPS from $0.34 to $0.36 on slightly better margins expectations, driven mainly by more favorable FX. We maintain our Neutral and $35 price objective. Our PO implies 14.7x CY11 EPS of $2.38, a 9.3% discount to the group.”

Campbell Soup closed Tuesday at $34.59.