Goldman Sachs analyst Jason English reinstated coverage of Campbell Soup with a Neutral rating and $46 price target following the completion of the sale of Arnott's and other international businesses. The analyst believes Campbell's portfolio continues to face structural headwinds from the "shrinking center of the store," which he says remains a drag on the company's higher margin Meals and Beverages segment. However, these long-term headwinds are offset by near-term optimism on Campbell's fiscal 2020 growth prospects as the company benefits from share gains in soup, synergy savings and a "more benign" commodity backdrop in the second half of 2020, adds English.