Campbell’s Under Pressure After Weak Quarter as Piper Sandler Cuts Target, Company Names New IR Chief

Overview

• Shares fell to a 17-year low following the results, with Jim Cramer calling the quarter one of the worst he has seen and questioning dividend coverage.
• Cramer highlighted a 5% decline in revenue and a 3% drop in organic sales as evidence of broad softness across the business.
• Piper Sandler lowered its price target to $28 and maintained a Neutral rating, citing pressured retail volumes and a difficult operating environment.
• The firm noted the stock may already reflect some concerns and pointed to potential pricing changes or increased brand spending to support demand.
• Campbell’s named Joshua Levine chief investor relations officer effective March 18, reporting to CFO Todd Cunfer and succeeding Rebecca Gardy, who is retiring.