Bernstein Says 3G Could Eventually Make A Move For Campbell Soup
Shares of Campbell Soup (NYSE: CPB) are performing inline with the broader indices Monday afternoon despite an earlier research note from Bernstein's Alexia Howard suggesting the company could be a takeover target. The stock last traded at $40.99, up 0.6 percent, compared to the DJIA which is trading up more than 0.9 percent.
Howard believes Campbell would be a practical next acquisition for 3G -- an assumption which makes even more sense following the Heinz deal. Howard mentioned synergies with Heinz.
The Bernstein analyst warned a possible deal between the two is likely "some way off." She noted 3G is extremely preoccupied with reducing costs at Heinz and is probably too financially stretched to do a deal with Campbell over the near term.
Howard maintains a Market Perform rating and $40 price target on shares of Campbell Soup.
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