The recent Campbell Soup (CPB) Investor Day saw management unveil its latest round of ambitious long-term targets. CPB will instead be focusing on deleveraging and its core business in the US. Cost savings are on the menu, and a more cost-efficient and reactive marketing and development model will be implemented company-wide.
This all sounds like a recipe for success, but the presentation reinforced our concern that the scope for company-wide improvement is too broad and, coupled with the planned divestments, may be hard to implement within a three-year time frame. With the stock