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

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 CPB and Kellogg K from Neutral to Sell, reportedly suggesting the companies will miss second-quarter expectations.

English also upgraded Mead Johnson Nutrition MJN from Neutral to Buy and Kimberly Clark 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.