UPDATE: Citigroup Reiterates on Campbell Soup Company on Rough Start to Fiscal 2014

In a report published Wednesday, Citigroup analyst David Driscoll reiterated a Neutral rating on Campbell Soup Company (NYSE: CPB), but lowered the price target from $47.00 to $43.00.

In the report, Citigroup noted, “Campbell got off to a very rough start to its fiscal 2014. Soup declined -6% on one of the easier comps it will face this year. Campbell's management did not reduce guidance significantly, despite the 1Q results, as it believes it has robust new products and trade & marketing programs in place to drive results in 2Q & 3Q. Certainly the bar is high in the coming quarters; however, the stock's -6% decline likely signals that investors have assumed the worst at this point. We reiterate our Neutral rating, are reducing our estimates and expect coming Nielsen data on soup to act as the street's compass regarding the stock.”

Campbell Soup Company closed on Tuesday at $39.20.