BofA downgraded J.M. Smucker (SJM) to Neutral from Buy with a price target of $145, down from $170, following the proposed acquisition of Hostess Brands (TWNK). The firm expected Smucker would focus on a more optimized portfolio of core brands, following several years of divestitures. However, Hostess adds complexity to the Smucker story and introduces execution risk “for a company with mixed M&A history,” the analyst tells investors in a research note.
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