Campbell's down after BofA downgrades rating

Shares of packaged and food company Campbell's CPB.O down 1.2% at $28.39

BofA downgrades stock to "marketweight" from "overweight," citing long period of earnings softness and puzzling new merger and acquisition activities

Brokerage believes acquisition of 49% stake in La Regina will enhance margins and expand innovation, but the timing is "inopportune" given CPB's strained balance sheet

Says snack category consumption remains pressured, and sees co leaning on promotions and innovation to stabilize the segment in second half of the year as tariff inflation eases

2 of 21 brokerages rate the stock "buy" or higher, 14 "hold", 5 brokerages rate the stock "sell" or higher; median PT is $30 - data compiled by LSEG

As of last close, stock down 31% YTD