Bank of America Merrill Lynch Maintains Neutral on Campbell Soup

Bank of America Merrill Lynch is out with its report today on Campbell Soup CPB, maintaining Neutral. In a note to clients, Bank of America Merrill Lynch writes, "Inconsisent performance in U.S. soup as well as the uncertainty of long term sustainability keeps us cautious. We maintain our Neutral rating and $35 price objective. Our PO implies 14.1x our CY11 EPS of $2.49, a 11.3% discount to the group." At the time of posting, shares of CPB were trading pre-market at $34.13, up 1.16% from Tuesday's close.