Deutsche Bank Upgrades J.M. Smuckers (SJM) to Buy
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Deutsche Bank upgrades J.M. Smuckers (NYSE: SJM) from Hold to Buy with a $49 price target.
The upgrade is "based on a low valuation, likely consumer movement towards many of Smuckers’ center-of-the-store brands, pricing to offset inflation, improved balance sheet and FCF post-Folgers purchase."
The firm believes that F2009 will see better core profit performance than F2008. Also, the financial attributes of Folgers, such as a better balance sheet and higher FCF, along with cost savings and consumer interest in center-of-the-store, the firm believes that the valuation is attractive (9% FCF yield).
The J. M. Smucker Company engages in the manufacture and marketing of branded food products worldwide.
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