Barclays Maintains an 'Equalweight' on J.M. Smucker (SJM); Foreign Frenemies
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Price: $123.05 +0.17%
Rating Summary:
15 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
15 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Equalweight' on J.M. Smucker (NYSE: SJM) price target of $80.00.
Barclays analyst says, "SJM announced the purchase of a majority of Sara Lee's (NYSE: SLE) N.A. foodservice coffee and hot beverage business for $350mm in cash. On the surface, we view this transaction as making strategic sense for both companies."
"We also view this transaction favorably from SLE's perspective. We suspect that the proceeds from this sale may well make up for some or all of the $250mm purchase price adjustment taken on the sale of the NA Bakery business to Grupo Bimbo and, as such, we would not be surprised to see SLE maintain or perhaps upwardly revise its cash projections when the company reports its fiscal 1Q12 results on November 3."
For more ratings news on J.M. Smucker click here and for the rating history of J.M. Smucker click here.
Shares of J.M. Smucker closed at $77.04 yesterday.
Barclays analyst says, "SJM announced the purchase of a majority of Sara Lee's (NYSE: SLE) N.A. foodservice coffee and hot beverage business for $350mm in cash. On the surface, we view this transaction as making strategic sense for both companies."
"We also view this transaction favorably from SLE's perspective. We suspect that the proceeds from this sale may well make up for some or all of the $250mm purchase price adjustment taken on the sale of the NA Bakery business to Grupo Bimbo and, as such, we would not be surprised to see SLE maintain or perhaps upwardly revise its cash projections when the company reports its fiscal 1Q12 results on November 3."
For more ratings news on J.M. Smucker click here and for the rating history of J.M. Smucker click here.
Shares of J.M. Smucker closed at $77.04 yesterday.
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