UPDATE: Jefferies Lowers PT on Campbell Soup Company Following Good 4Q13 Results
In a report published Friday, Jefferies analyst Thilo Wrede reiterated a Hold rating on Campbell Soup Company (NYSE: CPB), but lowered the price target from $44.00 to $42.00.
In the report, Jefferies noted, “CPB's 4Q13 results beat expectations by $0.03 on a LFL basis but FY14 adj. EPS guidance is below cons. due to a higher tax rate and the planned sale of the European soup business. Org. growth rates in U.S. soups and global baking were ahead of our forecast but we expect a slowdown in FY14 due to higher comps, less support from truly innovative new products and less likelihood of a weather related tailwind during the soup season. We consider CPB fairly valued.”
Campbell Soup Company closed on Thursday at $43.33.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.