Campbell Soup Company (NYSE:CPB) reported its Q3 results, with revenue of $2.13 billion coming in better than the Street estimate of $2.05 billion. Quarterly EPS came in at $0.70, beating the Street estimate of $0.61.

The company raised its full 2022-year revenue growth guidance to 0%-1% (vs. -2%-0% previously) to reflect a benefit from inflation-driven pricing and retailer inventory rebuild, partially offset by lingering supply constraints and price elasticity. The company expects 2022 EPS to be in the range of $2.75-$2.85, compared to the Street estimate of $2.78.

While the analysts at Deutsche Bank are encouraged by the revenue momentum and supply/service level improvements entering 2023, they continue to remain on the sidelines maintaining their Hold rating given heightened inflation and consumer demand uncertainty (especially with the third wave of pricing effective in 2023).