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Goldman Sachs Cuts Campbell, Kellogg; Upgrades Mead Johnson, Kimberly Clark

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Two consumer giants saw its shares downgraded by Goldman Sachs, in the face of increasing competition from generic supermarket brands.

Goldman's Jason English cut Campbell Soup (NYSE: CPB) and Kellogg (NYSE: K) from Neutral to Sell, reportedly suggesting the companies will miss second-quarter expectations.

English also upgraded Mead Johnson Nutrition (NYSE: MJN) from Neutral to Buy and Kimberly Clark (NYSE: KMB) from Sell to Neutral.

Campbell has slipped 2.2 percent to $44.27; Kellogg less than one percent to $65.58. Mead was up 0.41 percent at $93.28 and Kimberly was up 0.48 percent to $113.56.

English reportedly thinks Kellogg's second-quarter sales will miss the consensus and said management may cut its outlook when the company reports on July 31.

Analysts on average expect Kellogg will report earnings of $1.03 per share on sales of $3.73 billion.

English reportedly also expects Campbell will post a second-quarter miss and cut his target to $39 from $41.

Analysts have an average price target of $42 for Campbell and expect second-quarter earnings of $0.49 per share on revenue of $1.87 billion.

Latest Ratings for K

DateFirmActionFromTo
Sep 2016Credit SuisseMaintainsOutperform
Aug 2016JP MorganMaintainsNeutral
Jul 2016Deutsche BankMaintainsHold

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Posted-In: Goldman Sachs Jason EnglishUpgrades Downgrades Price Target Analyst Ratings

 

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