Although Campbell now has “more realistic financial goals” and a “focused portfolio with well-recognized brands,” Deutsche Bank analysts in a note said they remain cautious on the stock “as valuation is reasonable and a turnaround will likely require years.”
“The leadership team has conducted a comprehensive review of the business, looked at everything with fresh eyes and charted a new direction for the company, which we believe will lead to sustainable growth,” Campbell spokesman Anthony Sanzio said. [Consumer Staples ETFs Weather the Sell-Off.]
Morrison will become CEO of the company on Aug. 1 and wants to refocus the brand. The sales slump seen of late has to do with a reduction in advertising and a bevy of new soup lines, reports Paul Ziobro for The Wall Street Journal.
Tisha Guerrero contributed to this article.