ValueSniper: Is this Warren Buffet's next acquisition target?

It has been 3 months since Warren Buffet has bought Heinz, Inc. In looking for other potential buyout targets for Buffet in the future, I came across Campbell Soup, which is a stable consumer name with a solid dividend. This along with a market cap at $15 Billion is right in the sweet spot for Buffet to potentially make a buyout in the future. Then again, the stock has run 25% since the Heinz acquisition, and 36% this year. Is the stock still a good value play today? Let's look at the internals..

Campbell Soup is a manufacturer and marketer of branded convenience food products. The Company operates in five segments: U.S. Simple Meals; Global Baking and Snacking; International Simple Meals and Beverages; U.S. Beverages; and North America food service.

They just announced their quarterly earnings report with an EPS of .62 vs estimates of .56, revenue also beat $2.09B v $2.04B. They are boosting their forecast range and see FY sales at the upper end of the 10-12% range. They also see FY EPS $2.58-$2.62 vs $2.51-$2.57. Their acquisition of Bolthouse added 11% to revenue; US Simple Meals sales rose 11%, earnings increased 30%. US soup sales rose 14% year-over-year, condensed soup rose 11% year over year, and Global baking an snacking sales were up 5% year over year. The only component that fell was US beverages, down 5% year over year, which hurt earnings 27%. Their Bolthouse acquisition looks to add $750M in sales to FY 2013 revenue. I will be listening in on the conference call at 10:00 AM EST to see if there is any more clarification going forward.

My current target price is $44.12, 7.3% below the closing price from Friday. Though the target price is below the market price, I would rate it as a buy, especially seeing that it is still a potential buyout target, and with a 2.5% yield, it still proves to be a good long term investment. As of 9:00 AM, it is up 3% in the pre-market to $49.00