0838 ET - Campbell's is scheduled to report F4Q earnings next week, and Jefferies analysts expect ongoing macroeconomic pressure to weigh on the company's outlook for the year ahead. While Campbell's snacks category is showing signs of early improvement, overall segment trends remain under significant pressure, the analysts say in a research note. The company's meals and beverages division stands out as a clear bright spot right now, underpinned by broth strength, improving soup trends and continued support from its Rao's sauce line. But that strength may not be enough to carry the year ahead: "With F'27 inflation building and reinvestment needs evident, we expect another year of margin/earnings compression, while dividend sustainability questions linger, keeping us cautious," the analysts write.