J.P. Morgan Lowers PT On CPB To $31

J.P. Morgan, fearing pricing issues in the soup category, have lowered its price target on Campbell Soup Company

. In its report, J.P. Morgan writes, “We are modestly lowering our fiscal year 2011 estimate and sharply cutting our 2012 number for Campbell on our belief that pricing will be difficult to achieve in the soup category, which has languished for four years. We would also note that our new fiscal 2012 estimate of $2.20 is the Street low, and could still have downside risk. While a lower bar under incoming CEO Denise Morrison is widely anticipated, we believe Ms. Morrison could surprise investors with the depth of her cuts as she attempts to stir the soup giant back to health.” A Neutral rating is maintained on the stock. CPB closed at $33.84 on Friday.