UBS analyst Cody Ross upgraded J.M. Smucker (SJM) to Neutral from Sell with a price target of $155, up from $132. The analyst cites the company’s announcement that it will sell several pet food brands to Post Holdings (POST), the analyst tells investors in a research note. The firm adds that its prior Sell rating was predicated on the view that J.M. Smucker lacked the brand equity to keep pace with its categories’ growth rate, but with the sale of half of its pet portfolio, the company is likely to deliver more consistent top-line growth in the future.
Published first on TheFly
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Read More on POST:
- Post Holdings to acquire select pet food brands from J.M. Smucker for $1.2B
- J.M. Smucker to sell several pet food brands to Post Holdings for $1.2B
- Post Holdings to Acquire Rachael Ray® Nutrish®, Nature’s Recipe® and Other Select Pet Food Brands from The J.M. Smucker Co.
- Post Holdings price target raised to $105 from $102 at Barclays
- Post Holdings price target raised to $85 from $70 at Truist
