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Fly News Breaks for July 7, 2017
CPB
Jul 7, 2017 | 08:45 EDT
Citi analyst David Driscoll has "mixed thoughts" on Campbell Soup's acquisition of Pacific Foods. On one hand, buying an organic soup business with $218M in sales has good strategic rationale, Driscoll tells investors in a research note. On the other hand, the deal looks expensive relative to comparable transactions, especially since Campbell expects a neutral impact to earnings in the first 12 months after the close, the analyst adds. He keeps a Neutral rating on Campbell shares with a $62 price target.
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