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Fly News Breaks for May 21, 2018
CPB
May 21, 2018 | 06:25 EDT
BofA/Merrill analyst Bryan Spillane downgraded Campbell Soup to Underperform and cut its price target to $31 from $45. Spillane expects 2019 to be a transition year and for operating profits and earnings to decline modestly. The analyst said the new interim CEO has initiated a strategic review, with the potential need to increase spending to support near and long-term growth and rising inflation, which combined with high debt levels, should pressure valuation.
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