UPDATE: Bank of America Raises PO to $37 on Campbell Soup on 2013 Outlook

Bank of America reiterated its Neutral rating on Campbell Soup

but raised its price target from $36 to $37. Bank of America noted, "Timing related factors make it difficult to assess the underlying performance of the soup business relative to the plan that management set out in July. That said, innovation pipeline is coming in as planned, brand Chunky is contributing to improving RTS, and condensed is on decent footing in light of the higher pricing. … We increase our FY13E EPS by 4c, in line with mgmt guidance of $2.51-$2.57. Our estimates reflect 2Q of $0.65 (1.1% YoY and lower than expected FY13 growth) driven by higher marketing support for new products and working down higher soup (mainly RTS) inventories from 1Q." Campbell Soup closed at $36.21 on Tuesday.