DA Davidson analysts began covering Campbell Soup Company (NYSE:CPB) with a Buy rating and a $48.00 target price. The analysts highlighted the expectation for improved performance in the second half of 2024 due to easier comparisons from previous pantry de-stocking and a moderation in core inflation. They also see long-term margin improvement from efficiency efforts in the CPB Snacks division.

Additionally, the analysts view Campbell Soup as well-positioned to manage Rao's brand acquisition effectively, pending FTC approval, citing it as a highly desirable asset in the center store food category.