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Noting that analysts "believe condensed soup long-term declines will continue and are concerned with the overall relevance of the soup category to today's U.S. consumers, as total units of soup sold in the category continue to shrink," Citi reiterated its Hold rating on shares of Campbell's Soup
CPB. Citi maintains a $38 valuation on the stock.
Ahead of the fourth quarter earnings report on September 3rd, Citi analysts "expect the quarter to reflect the continued challenges faced by Campbell’s during F2010 as the firm’s soup sales and non promoted volumes remained weak."
Notably, Citi comments about the "decline in condensed soup units over the past few years has lowered Campbell's overall operating margins over 400 basis points (bps) since fiscal 2001 to 16.8%."
Campbell Soup Company is a global manufacturer and marketer of food products. Shares are down slightly this morning, to $37.21.
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