Goldman Sachs Upgrades J.M. Smucker (SJM) to Conviction Buy

Goldman Sachs upgraded J.M. Smucker (NYSE: SJM) from Neutral to Buy and added the stock to its Conviction Buy with a price target of $86 (up form $81).

The firm sees J.M. Smucker as an above-average Food company trading at a below average valuation. The firm expects investors to be rewarded with: (1) above consensus earnings, (2) valuation re-expansion, and (3) shareholder friendly capital allocation.

Goldman said the market is under-appreciating the growing retail coffee category profit pool and the company's ability to participate in this growth.

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 $71.65 yesterday.

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