J.P Morgan Ups PT On CPB To $35

J.P. Morgan, in light of new plans for the stock coming from its new CEO, has raised its price target on Campbell Soup (NYSE: CPB) from $32 to $35.

Says J.P. Morgan, in its report, “Denise Morrison, Campbell's new chief executive, yesterday unveiled her much-anticipated plan for reviving the flagging soup line. All in, we liked it, even with a rebase of some 4-6% from the pre-meeting consensus estimate of $2.49 to a range of $2.34 to $2.39 for the July 2012 fiscal year. Our F2012 estimate remains basically unchanged, off the $2.49 we now expect for F2011.”

J.P Morgan maintains a Neutral rating on the stock.

CPB closed yesterday at $34.59.