Campbell Soup's Sovos Brands Acquisition Delivering 'Encouraging' Data Points, RBC Capital Says

MT Newswires Live06-07

Campbell Soup's (CPB) acquisition of Sovos Brands is delivering "encouraging" data points, with the company raising its fiscal 2024 net sales growth outlook due to the incremental impact of the newly acquired business, RBC Capital Markets said in a note late Thursday

The company disclosed "strong growth" of 27% from Sovos Brands in its first earnings call since the completion of the deal, RBC Capital said.

"Looking ahead, we are optimistic on future contributions from Sovos and continued strength from Snack segment power brands," the firm said.

RBC Capital maintained its sector perform rating and $47 price target on the stock.

Price: 43.39, Change: -0.15, Percent Change: -0.33

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