J.M. Smucker (SJM) PT Raised to $130 at JPMorgan Following Q3 Earnings Beat

JPMorgan analyst Thomas Palmer raised the price target on J. M. Smucker (NYSE: SJM) to $130.00 (from $122.00) while maintaining an Overweight rating.

The analyst commented, "SJM reported a solid 3Q EPS beat driven by a stronger top line and OPM while also reiterating their FY26 guidance but narrowed the top-line outlook to the lower end due to disruptions/weaker performance from the Sweet Baked Snacks portfolio. Beyond the print/outlook, the company announced that they are entering an agreement with Elliott Investment Management while also adding two executives to the Board. In isolation, we think the print/outlook would have been viewed as mixed, but the news around Elliott was viewed favorably and ultimately resulted in the stock trading higher on the day (+9% vs. -0.2% for the XLP). While we think investors are keen to understand the potential changes this may have on the path forward, it is clear that the the relationship has already resulted in a shift in capital allocation priorities (i.e. no longer pursuing acquisitions with a focus on debt reduction) as well as some progress on succession - both of which were outlined last week. "

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