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CPB

Campbell Soup

$38.02

0.45 (1.20%)

11:38
10/30/18
10/30
11:38
10/30/18
11:38

Campbell Soup says Third Point presentation 'riddled with inaccuracies'

Campbell Soup issued the following statement in response to Third Point's published presentation: "Third Point's campaign to seize control of the Board can be summed up as follows, 'Vote for us and we'll think of something.' In the meantime, they have simply and effectively copied and pasted the actual plan outlined by Campbell on August 30th into the Third Point PowerPoint template. They've endorsed our divestitures and our purchase of Snyder's-Lance to participate in snacking category growth. Their path to a $70 per share target is simply our proposed cost savings, our proposed synergies, and time. Additionally, Third Point explicitly debunks their previous statement that the 'only justifiable outcome' is a sale of the company. Beyond what they have copied from our plan, Third Point's presentation is riddled with inaccuracies, half-truths, simple generalizations, and vague recommendations, all of which demonstrate their limited understanding of food industry dynamics and of Campbell's business. The Campbell Board conducted a comprehensive review informed by outside advisors, and it remains confident that its go-forward strategy represents the best path forward for the company and its shareholders at this time."

CPB Campbell Soup
$38.02

0.45 (1.20%)

08/31/18
DBAB
08/31/18
NO CHANGE
Target $36
DBAB
Hold
Campbell Soup price target lowered to $36 from $40 at Deutsche Bank
Deutsche Bank analyst Rob Dickerson lowered his price target for Campbell Soup to $36 saying that while the company topped earnings expectations in Q4, its top line remained pressured, leaving investment needs high. Along with the lack of growth in the Global Biscuits and Snacks division, Americas Simple Meals and Beverages posted a 6% organic sales decline, with soup down 14% and issues at Walmart ongoing, Dickerson tells investors in a post-earnings research note titled "The Eight-Year Giveback." He keeps a Hold rating on Campbell Soup.
08/31/18
FBCO
08/31/18
NO CHANGE
Target $36
FBCO
Underperform
Campbell Soup portfolio simplified, but not enough, says Credit Suisse
After Campbell Soup announced it will divest 20% of its portfolio to de-leverage and refocus on its core businesses in North America, Credit Suisse analyst Robert Moskow said the portfolio simplification plans are not enough. He finds it difficult to embrace the company's new long-term guidance for 7-9% EPS growth and sees "considerable downside risk" to its debt reduction target, Moskow tells investors. He raised his price target on Campbell shares to $36 from $32 to account for a more logical path forward and higher sector multiples, but he keeps an Underperform rating on the stock.
08/31/18
JPMS
08/31/18
NO CHANGE
Target $36
JPMS
Underweight
Campbell's remaining operations face significant challenges, says JPMorgan
JPMorgan analyst Ken Goldman generally agrees with Campbell Soup management that a more focused portfolio will enable better execution and that many cost savings opportunities have yet to be realized. However, But Campbell's remaining operations still face significant challenges, some of which are likely to intensify in the coming year, Goldman tells investors in a research note. He reiterates an Underweight rating on the shares with a year-end 2019 price target of $36.
09/05/18
WOLF
09/05/18
DOWNGRADE
WOLF
Underperform
Campbell Soup downgraded to Underperform from Peer Perform at Wolfe Research

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