UPDATE: Bank of America Lowers PT on Campbell Soup Company Following In-Line 4Q EPS Report

In a report published Friday, Bank of America analyst Bryan D. Spillane reiterated a Neutral rating on

, but lowered the price target from $47.00 to $46.00. In the report, Bank of America noted, “EPS in 4Q was $0.45, +2c vs. our forecast. Continuing ops contributed $0.43 p/s and discontinued ops (European simple meals business, which is the final stages of being disposed) added $0.02 p/s. Comparable sales of $1,821mn (incl. Europe simple Meals) were $42mn below us, while operating profits were $8m below us. EPS was aided by below-the-line items (primarily a lower tax rate). EPS growth of 3-5% (below long term) is predicated on sales growth of 5-6% (2-3% organic growth, 3% from acquisitions) and EBIT growth of 5-7%. Management already provided its list of earnings headwinds/tailwinds at its analyst day earlier this summer; thus, the only real surprise was the magnitude of the dilution from the Europe disposal.” Campbell Soup Company closed on Thursday at $43.33.