Campbell's extends declines after dour annual outlook; JPM downgrades stock

Shares of packaged food company Campbell's Co CPB.O down ~1% at $38.84 premarket; set for its second straight session of declines, if losses hold

CPB lowered its annual sales and profit forecasts on Wednesday, signaling weak demand for snacks and intense competition from cheaper private-label brands

J.P. Morgan downgrades it to "neutral" from "overweight", lowers PT to $37 from $48, citing slower growth and delayed snack margins

"We are adjusting our outlook due to snacking industry's current state, macro uncertainties, and stock's lower valuation" - JPM

Co stated that revised forecast does not account for impact of U.S. import tariffs or potential retaliatory tariffs from other countries

RBC and Piper Sandler also cut PTs following the results

CPB last traded at $39.18, compared to median PT of $46 according to LSEG, with average "hold" rating from 21 analysts covering stock

Stock down ~6.5% so far this year