Deutsche Bank Maintains Hold Rating and $33 PT on Campbell Soup

A report from Deutsche Bank reiterates its Hold rating and $33 price target on Campbell Soup CPB. The report states, “Campbell Soup reported F1Q12 (end Oct) opr EPS of $0.82 vs. our $0.80 est and $0.79 consensus. Results excl. $0.03 of 1-time items. Sales decreased 1% vs. our +1-2% forecast. Top line incl: vol/mix -5%, price +4%, currency +1%, promo -1%. EBIT was $418 mil vs. our $410 mil. forecast with margins of 19.3% vs. our 18.6% est, largely a function of lower advertising spending.” CPB closed yesterday at $33.65.