Campbell Soup (NYSE:CPB) shares rose more than 7% since the company’s reported Q1 results on Wednesday. Q1 EPS came in at $1.02, better than the Street estimate of $0.86. Revenue was $2.58 billion, beating the Street estimate of $2.42 billion.

For fiscal 2023, the company expects EPS to be in the range of $2.90-$3.00, compared to the Street estimate of $2.91. Net sales are expected to be in the range of 7-9%.

Analysts at Deutsche Bank said they remain cautious around prospects for consumer pushback/trade down going forward as economic pressures potentially mount. Therefore, they stay on the sidelines, reiterating their Hold rating, but slightly increasing their price target to $53 from $50 on higher forward estimates and a roll-forward in time.