Wells Fargo analyst Chris Carey initiated coverage of J.M. Smucker with an Overweight rating and $140 price target. The firm notes that the company fits into its search criteria of a stock with sound underlying fundamentals, a disconnected valuation, and upcoming catalysts. Wells points to the company’s “unique fundamentals” around volume recovery, where J.M. Smucker is “already delivering” and also notes that while the stock gapped down on the news of acquiring Hostess Brands (TWNK), that business is still running a 3% multi-year volume CAGR. On valuation, the $140 price target assumes 13-times expected forward earnings multiple, which is below J.M. Smucker’s 14.5- to 15.5-times range, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SJM:
- AutoZone upgraded, Shopify downgraded: Wall Street’s top analyst calls
- J.M. Smucker price target raised by $1 at Deutsche Bank, here’s why
- J.M. Smucker price target raised by $3 at BofA, here’s why
- J.M. Smucker price target raised to $136 from $133 at TD Cowen
- J.M. Smucker resumed with an Equal Weight at Morgan Stanley