Goldman Sachs Raises Price Target On Campbell Soup To $34

According to Goldman Sachs, Campbell Soup

last night announced a restructuring program that will result in $60 mn of ongoing pre-tax savings in FY12, which steps up to $70 mn by FY14. Goldman Sachs said that it raises its 12-month price target to $34 from $32 on its higher EPS estimate. “We expect the stock to react positively on the cost savings announcement. While downside risk is now more limited in the near term, we retain our Sell rating, given the firm's underlying growth challenges.” Campbell Soup closed yesterday at $33.74.