BofA analyst Peter Galbo raised the firm’s price target on J.M. Smucker to $128 from $125 and keeps a Neutral rating on the shares. The firm is raising its estimates following a “solid” fiscal Q2 report, but believes a valuation multiple in line with center store packaged food peers is “warranted” as Smucker executes against its FY24 plans on an underlying basis, offset by execution risk around the Hostess acquisition.
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Read More on SJM:
- JM Smucker (NYSE:SJM) Gains on Strong Q2 Performance
- J.M. Smucker sees Q3 adjusted EPS up low-single digits y/y, consensus $2.43
- J.M. Smucker sees annual cost synergies of approximately $100M
- J.M. Smucker sees Q3 SSS up mid single digits
- J.M. Smucker cuts FY24 free cash flow view to $530M from $650M