Citi Reiterates Hold on Campbell Soup

Citi is out with its report today on Campbell Soup CPB, reiterating Hold. In a note to clients, Citi writes, "We are moving our F2011 EPS estimate to $2.45 to reflect the top end of guidance. However, we are lowering our EPS estimates for F2012 to $2.45 (-15c), and F2013 to $2.60 (-20c) as we expect a significant re-investment back into Campbell's brands. We reiterate our Hold rating." At the time of posting, shares of CPB were trading pre-market at $35.13, up 0.52% from Monday's close.