Campbell's (CPB) 2027 outlook appears achievable on relatively measured assumptions, but continued pressure and uncertainty around underlying demand make it difficult to view the setup as fully de-risked, UBS Securities said.

The company expects 2027 organic sales to decline 2% to 4% and adjusted EPS of $1.65 to $1.80, below Street expectations of $1.83.

UBS said in a note Thursday the lower bar should limit the risk of another meaningful reset, but a meaningful portion of the second-half improvement depends on cost savings and pricing initiatives.

The investment firm said the key question is whether those actions can drive sustained improvement exiting 2027 and into 2028.

UBS maintained its sell rating on the stock and raised its price target to $19 from $18.

Shares of Campbell's were down 3% in Friday trading.

Price: 21.46, Change: -0.67, Percent Change: -3.03