Wells Fargo Upgrades J.M. Smucker (SJM) to Market Perform

Wells Fargo upgraded J.M. Smucker (NYSE: SJM) from Underperform to Market Perform with a price target of $102-$104 (from $90-$92).

Analyst John Baumgartner said, "We are upgrading shares of Smucker to Market Perform from Underperform and are raising our 12-month valuation range to $102-104 from $90-92. We are also increasing our FY2015E EPS to $5.95 from $5.89 and are introducing our FY2016E EPS of $6.36 (+7% yr/yr). Our upgrade is based on our view that while risks likely exist to FY2015’s guidance, downside risk to valuation may be limited by potential for accretive M&A; food industry transaction activity is heightened and Smucker expresses interest and features significant capital availability."

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 $105.69 yesterday.

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