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

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Stock Markets,Campbell Soup Co,Goldman Sachs Group Inc

The bank now has an overweight recommendation on the stock for the first time since 2009.

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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