** Shares of packaged food company Campbell's Co CPB.O down ~1% at $38.84 premarket; set for its second straight session of declines, if losses hold

** CPB lowered its annual sales and profit forecasts on Wednesday, signaling weak demand for snacks and intense competition from cheaper private-label brands

** J.P. Morgan downgrades it to "neutral" from "overweight", lowers PT to $37 from $48, citing slower growth and delayed snack margins

** "We are adjusting our outlook due to snacking industry's current state, macro uncertainties, and stock's lower valuation" - JPM

** Co stated that revised forecast does not account for impact of U.S. import tariffs or potential retaliatory tariffs from other countries

** RBC and Piper Sandler also cut PTs following the results

** CPB last traded at $39.18, compared to median PT of $46 according to LSEG, with average "hold" rating from 21 analysts covering stock

** Stock down ~6.5% so far this year

(Reporting by Vijay Vaidyanathan)

((VijayKishore.Vaidyanathan@thomsonreuters.com;))