Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, March 10, 2023

Article Excerpt

CAMPBELL SOUP CO., $52.51, New York symbol CPB, is a buy for long-term gains. Under its new strategic plan, which began in 2018, Campbell sold most of its international and refrigerated-foods businesses. That let it focus on canned soups, pasta and V8 vegetable juices. Campbell also kept its snack food operations. They were significantly expanded in March 2018 when the company paid $6.1 billion for snack-foods maker Snyder’s-Lance. Campbell continues to raise its selling prices to offset higher costs for food ingredients and labour. In its fiscal 2023 second quarter, ended January 29, 2023, the company’s sales rose 12.5%, to $2.49 billion from $2.21 billion a year earlier. That topped the consensus forecast of $2.43 billion. Higher prices offset lower volumes and unfavourable currency exchange rates. The company’s earnings before one-time items in the quarter gained 15.9%, to $0.80 a share from $0.69. That too beat the consensus estimate of $0.74. The foodmaker continues to find savings in the wake of the Snyder’s-Lance acquisition. So…