UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Campbell Soup Company on Low Valuation
In a report published Monday, Deutsche Bank reiterated its Hold rating on Campbell Soup Company (NYSE: CPB), and raised its price target from $34.00 to $36.00.
Deutsche Bank noted, “Campbell's valuation (14.5x C2013E P/E vs. 17.0x group avg) remains low vs. peers, but we believe this is still reasonable as evidence for a U.S. soup turnaround remains elusive. Though mgmt is investing behind new products, restructuring savings should help, and looking to M&A-led growth, fundamental challenges leave us wary.”
Campbell Soup Company closed on Friday at $37.93.
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Tags: Deutsche Bank