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CPB - Campbell Soup Co News Story

$49.57 0.3  0.5%

Last Trade - 31/07/20

Sector
Consumer Defensives
Size
Large Cap
Market Cap £11.44bn
Enterprise Value £15.62bn
Revenue £5.78bn
Position in Universe 558th / 6362

BUZZ-Bernstein downgrades U.S. packaged food makers as market recovers

Thu 11th June, 2020 3:23pm
** Brokerage Bernstein downgrades Campbell Soup  CPB.N ,
General Mills  GIS.N , Kellogg  K.N  and J.M. Smucker  SJM.N  to
"market-perform" from "outperform" 
    ** Bernstein analyst Alexia Howard says best of positive
news is over, with sales slowing, according to market research
firm Nielsen
    ** Howard adds that packaged food makers are unlikely to see
elevated volumes as economy reopens
    ** Estimates are simply too high for FY21 as they lap
meaningful COVID-19 benefits; expect them to underperform as
market recovers as they did during financial crisis - brokerage
    ** Bernstein expects higher retail sales growth to be offset
by declines in food service channel, with GIS to be worst hit as
it has the highest exposure to food service channel: 15% on top
of its about 2% exposure to Haagen-Dazs ice cream stores in
China
    ** Howard also expects private-label food products to gain
share from big food makers as customers avoid eating at
restaurants in a recessionary backdrop
    
  Company       RIC       Bernstein's    Previous    Current
                          current PT        PT      stock move
  Campbell     CPB.N          $40          $49         0.2%
    Soup                                            
  General      GIS.N          $50          $57        -1.69%
   Mills                                            
  Kellogg       K.N           $55          $64        -1.76%
    J.M.       SJM.N          $93          $105       -0.4%
  Smucker                                           
 
 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646
223 8780 (Extn. 3478), outside U.S. +91  80 6182 3478;))
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