Campbell Soup Co (NYSE:CPB) reported better-than-expected Q2 results and raised FY23 guidance.
Campbell reported quarterly sales growth of 12% year-on-year to $2.48 billion, beating the consensus of $2.44 billion. Adjusted EPS of $0.80 beat the analyst consensus of $0.74.
The company raised its FY23 sales growth outlook from 7%-9% to 8.5%-10%.
Campbell shares gained 1.9% to close at $53.14 on Wednesday and lost 0.7% in today’s pre-market trading session.
These analysts made changes to their price targets on Campbell Soup following the release of results.
- Credit Suisse raised the price target on Campbell Soup from $50 to $51. Credit Suisse analyst Robert Moskow maintained a Neutral rating.
- JP Morgan increased the price target on Campbell Soup from $53 to $55. JP Morgan analyst Ken Goldman maintained a Neutral rating.
- RBC Capital analyst Nik Modi, meanwhile, reiterated Campbell with a Sector Perform and maintained a $50 price target.
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