TD Cowen starts J.M. Smucker at Outperform on above peer growth

TD Cowen initiated coverage of J.M. Smucker with an Outperform rating and $158 price target. After bolstering its management team, reshaping the portfolio, and sharpening its marketing, the company has created an advantaged commercial model that exceeds food peers, the analyst tells investors in a research note. The firm thinks the market “will gain a deeper appreciation for how these changes” plus the Hostess acquisition boosts Smucker’s growth rate above peers over the next 12 months.