UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Raises PO on Campbell Soup Company

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Neutral rating on Campbell Soup Company

, and raised its price objective from $34.00 to $36.00. BofA Merrill Lynch noted, “CPB is in the midst of a multi-year plan to reaccelerate earnings growth by re-establishing higher margins on key products (e.g. Soup). In FY12, the company has been successful on several fronts despite unanticipated macro challenges in areas such as Australia and Beverages. Looking ahead, we believe a key factor for the stock will be increasing sales of U.S. ready to serve soup without disturbing condensed sales and profits.” Campbell Soup Company closed on Tuesday at $35.12.