UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Campbell Soup Company Following Strong 3Q13 Results

In a report published Tuesday, Jefferies analyst Thilo Wrede reiterated a Hold rating on Campbell Soup Company

, and raised the price target from $40.00 to $44.00. In the report, Wrede noted, “CPB reported a strong performance of the U.S. soup business in 3Q13 with 11% organic growth for the U.S. Simple Meals segment. Mgmt therefore declared the segment stabilized, shifting the focus to profitable growth. We hope that the strong performance was not driven by one-time factors. At the same time, additional – albeit smaller – improvement projects remain, e.g., U.S. Beverages and Foodservice.” Campbell Soup Company closed on Monday at $47.63.