Credit Suisse Downgrades J.M. Smucker (SJM) to Neutral
- Wall St stumbles as FBI to review more Clinton emails
- FBI to review more emails related to Clinton's private email use
- Unusual 11 Mid-Day Movers 10/28: (GRVY) (VRTS) (ITGR) Higher; (OPXA) (SNMX) (STON) Lower
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Credit Suisse downgraded J.M. Smucker (NYSE: SJM) from Outperform to Neutral with a price target of $145.00 (from $158.00), saying there are no easy answers for stabilizing pet declines.
Analyst Robert Moskow commented, "We are downgrading Smucker to neutral and lowering our target price to $145/share. We are also lowering our FY 17 EPS slightly below consensus, to $7.64. Our thesis that Smucker would raise its cost savings targets to address its unwieldy overhead structure has played out as we expected. However, we underestimated the hit to sales from difficult comparisons to last year's extensive new product launches and we fear that we underestimated the level of reinvestment it will take to revitalize the struggling pet food division. In addition, we feel less comfortable recommending this stock at a time when the company's key commodity inputs have bottomed and no longer provide material opportunities for margin benefit."
Shares of J.M. Smucker closed at $137.72 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Leerink Partners Downgrades McKesson (MCK) to Market Perform
- Leerink Partners Cuts Price Target on Conmed (CNMD) to $43; Reiterates Market Perform
- UPDATE: Oppenheimer Upgrades Twitter, Inc. (TWTR) to Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades
Related EntitiesCredit Suisse
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!