JPMorgan upgrades Campbell Soup, saying its recently acquired Rao's sauce business is thriving

Campbell Soup 's acquisition of Rao's parent Sovos Brands is a key part of why JPMorgan is now bullish on the Camden, New Jersey-based food company for the first time in 15 years. Analyst Ken Goldman upgraded Campbell to overweight from neutral, a rating the bank hasn't had on the stock since 2009. JPMorgan also upped its price target by $7 to $52, which now suggests about 18% upside from Tuesday's close.

In addition to its iconic soups, Campbell makes Pepperidge Farm baked goods, Pace salsas and Lance-Snyder's chips and snacks, among other product lines. JPMorgan also highlighted that Campbell's long-term profit margin could turn out to be higher than Wall Street expects. The company should at least be able to meet its long-term earnings per share growth path of 6% to 8% over the next few years, JPMorgan said.

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