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Campbell Soup lower after BAML downgrade

Published 05/21/2018, 08:49 AM
© Reuters.  Campbell Soup lower after BAML downgrade
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  • Campbell Soup (NYSE:CPB) is down 1.75% in premarket action after Bank of America Merrill Lynch (NYSE:BAC) downgrades the food stock with a new CEO due to take over. The analyst team also warns on rising costs and competition for Campbell Soup, as well as mounting debt.
  • BAML moves to an Underperform rating after having Campbell Soup rated at Neutral.
  • Separately, a banker tells New York Post that Campbell's CEO announcement could indicate that the family trust is more open to a merger in the past. That development follows news that Pinnacle Foods has hired an investment banker for strategic advice.
  • Campbell Soup trades at a 52-week low.
  • Now read: Campbell Soup: Avoid


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