UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Campbell Soup Company on Lack of Entry Point

In a report published Wednesday, Jefferies analyst Thilo Wrede reiterated a Hold rating on

, but lowered the price target from $42.00 to $39.00. In the report, Jefferies noted, “CPB delivered very low 1Q14 results but lowered the FY14 outlook only slightly. We are concerned that the reduction was not meaningful enough. With very tough comps in 3Q14 and an overall sluggish consumer and less support from truly new innovation, the growth guidance still looks aggressive, in our view. We are therefore modeling FY14 adj. EPS of 9 cents (3.5%) below the low end of the new guidance and do not see an entry point.” Campbell Soup Company closed on Tuesday at $41.81.