Goldman Sachs Removes J.M. Smucker (SJM) from Conviction Buy List After Weak Q3, Outlook

Earlier, Goldman Sachs removed J.M. Smucker (NYSE: SJM) from its Conviction Buy List following yesterday's disappointing Q3 results which missed the consensus with guidance below the Street.

The firm noted volume growth was disappointing, although they expect the weakness to be temporary in nature with the largest dislocations now behind the company. The firm expects volume trends to improve and "benefits of its participation in the premiumization of the coffee category to more fully flow through results in
FY13."

The firm trimmed its price target from $89 to $84 on lower earnings and a P/E multiple reduction. FY12 EPS estimates were cut from $5.05 to $4.70, FY13 from $5.73 to $5.34 and FY14 from $6.34 to $5.99.

For an analyst ratings summary and ratings history on J.M. Smucker click here. For more ratings news on J.M. Smucker click here.

Shares of J.M. Smucker closed at $71.60 yesterday.

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