Morgan Stanley analyst Pamela Kaufman raised the firm’s price target on J.M. Smucker (SJM) to $132 from $122 and keeps an Equal Weight rating on the shares. Following a Packaged Food industry deep dive, the firm maintains a preference for names with visibility into volume-driven sales growth and sees risk to FY24 consensus EPS across “U.S.-centric names,” including Hershey (HSY) and Kraft Heinz (KHC) in particular, the analyst tells investors. The firm sees the greatest EPS risk at Hershey and WK Kellogg (KLG) followed by Kraft and sees upside at Mondelez (MDLZ), Simply Good Foods (SMPL) and BellRing, the analyst noted.
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