As previously reported, Morgan Stanley analyst Pamela Kaufman upgraded J.M. Smucker to Equal Weight from Underweight with a price target of $158, up from $135. Supported by continued defensive market positioning and relatively stable fundamentals, she sees packaged food stocks sustaining their relative outperformance in 2023, Kaufman tells investors. For J.M. Smucker in particular, she has seen minimal demand elasticity in its portfolio and thinks topline growth is supported by rapid growth in Uncrustables.
Published first on TheFly
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Read More on SJM:
- J.M. Smucker upgraded to Equal Weight from Underweight at Morgan Stanley
- J.M. Smucker price target raised to $155 from $148 at Stifel
- J.M. Smucker price target raised to $165 from $145 at Credit Suisse
- J.M. Smucker backs FY23 adjusted EPS view $8.35 -$8.75, consensus $8.60
- J.M. Smucker price target raised to $153 from $148 at Deutsche Bank
