UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Campbell Soup Company on F2014 Guidance Concerns

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, but lowered the price target from $47.00 to $45.00. In the report, Deutsche Bank noted, “Affirm HOLD Opinion. As we noted in a recent report (published 8/13/13), the LT appears more optimistic with Campbell Soup focusing on new products and M&A. But we retained our HOLD opinion on concerns over tepid F2014 guidance (which came to pass). Weighing the LT vs. F2014, we see valuation (16.1x C2014E P/E) as fair and remain comfortable with a cautious view.” Campbell Soup Company closed on Wednesday at $42.92.