J.M. Smucker cut to Hold at Argus on consumer caution, inflationary environment

As previously reported, Argus downgraded J.M. Smucker (SJM) to Hold from Buy with no price target While the company is working to offset commodity inflation and supply-chain challenges with price hikes and improved productivity, the price hikes are further pressuring volume, Argus states. The firm adds that stock’s forward earnings multiple of 12-times is below peer average of 17-times, the valuation is reasonable given the inflationary environment, consumer caution, and green coffee pressures.