10:40 AM EST, 03/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $1 to $46, 14.2x our FY 25 (Jul.) EPS of $3.25 (cut from $3.33; FY 24 cut to $3.05 from $3.11) vs. the 17x long-term average forward. FQ2 (Jan-Q) adjusted EPS of $0.80 (flat Y/Y) beat by $0.03 on revenues of $2,456M (-1% Y/Y), $17M above consensus. Organic sales have fallen by 1% Y/Y for the past two quarters now, partly due to pockets of demand softness (e.g., ready-to-serve soup), but also because of weakening price-related growth and tough comps (organic sales grew 13% in FQ2 23). CPB kept its guidance, but said it is tracking toward the low end of its organic sales guide of -0.5% to +1.5%. We expect organic sales to turn positive in F2H 24, as we should see organic volume growth for the first time since FQ2 21. The Sovos Brand acquisition is expected to close the week of March 11 (not reflected in our estimates). CPB targets 15% Snack operating margins in FY 24 (up from 14.4% in FY 23) and 17% Snack operating margins by FY 26 (through direct-store delivery restructuring).