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Goldman Cooling on Campbell Soup

Goldman Sachs cut estimates on Campbell Soup Co. (CPB).

Analyst Romith Mally says he cut the fiscal 2002 (July) EPS estimate by $0.33 to $1.40. He says Campbell's continues to believe that the new CEO, Doug Conant, will "lower the bar" in July when he addresses analysts. Mally thinks the CEO will significantly increase marketing spending and invest more in R&D to improve product quality, as well as address issues such as portability and convenience for soup.

Oddly, notes Mally, while the lower guidance is generally expected, the stock has continued to trade at one of highest price-to-earnings multiples in the food group. He thinks the fair value for stock is in the $23-$25 a share range. He maintains market performer.

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