Deutsche Bank Sees Weak March for CPG Stocks, Lowers Campbell’s (CPB)

The Campbell’s Company (NASDAQ:CPB) is included among the 15 Cheapest Stocks with Highest Dividends.

On March 30, Deutsche Bank lowered its price recommendation on The Campbell’s Company (NASDAQ:CPB) to $20 from $23 and kept a Hold rating. The firm said it is seeing “legitimate and widespread pressures building” across much of the consumer packaged goods industry, driven in part by the conflict in the Middle East. The analyst pointed out that the group underperformed in March. Rising input costs, the risk of consumers trading down, and currency headwinds all weighed on the stocks.

During the company’s fiscal Q2 2026 earnings call, CFO Todd Cunfer said Q3 is expected to track broadly in line with Q2. He added that Q4 should see a typical step-down, aligning with the roughly $0.90 needed in second-half earnings to reach the midpoint of guidance. Management said Snacks’ net sales are likely to decline by about 4% in the second half.

Margins are expected to improve in Q4, though without a meaningful sequential increase in net sales. They also noted that pricing in Meals & Beverages should remain positive through the second half, but at a slower pace than earlier in the year. This reflects continued investment in broth and Rao’s.

The Campbell’s Company (NASDAQ:CPB), formerly Campbell Soup Company, provides affordable food and beverages. It operates across two divisions, Meals & Beverages and Snacks, supported by a portfolio of about 16 brands.

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