** Shares of packaged food company Campbell's Co CPB.O fall 2% to $31.51
** Brokerage JP Morgan cut PT to $34 from $37; maintains "neutral" rating
** CPB shares could outperform peers over the next year if the snacking category improves; however, right now don't see sufficient evidence that this is taking place - JPM
** Don't see a lot of downside to the stock given the valuation, but upside may be constrained, too, till growth in snacks improves - brokerage
** CPB has fallen 23.2% YTD, as of last close
(Reporting by Juby Babu in Mexico City)
((Juby.Babu@thomsonreuters.com;))
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