Campbell Soup has taken important steps to improve its business and has improving visibility on the remainder of its second half of fiscal 2019 outlook, Piper Jaffray analyst Michael Lavery tells investors in a research note titled "Reset Risk May Still Remain." While recognizing the company's "better momentum," the analyst says he remains a "bit uncertain" about its brand investment ambitions in fiscal 2020. A step-up in spending on innovation, product quality and marketing may still be needed and has not been ruled out by the company, says Lavery. As such, higher spending, possibly a "reset," is still on the table, contends the analyst. He lowered his price target for Campbell Soup to $35 from $36 and reiterates an Underweight rating on Campbell Soup.