UPDATE: Credit Suisse Upgrades J.M. Smucker (SJM) to Neutral

(updating comment)

Credit Suisse analyst Robert Moskow upgraded J.M. Smucker (NYSE: SJM) from Underperform to Neutral with a price target of $115.00.

The analyst comments "We are raising our EPS estimates for FY20 and FY 21 to $8.39 (vs guidance of $8.10-$8.30) and $8.45 compared to consensus of $8.25 and $8.24. This includes our new assumption for 15% organic sales growth in 4Q 2020 from pantry-loading and stronger than normal at-home food consumption. We believe that most of the incremental sales growth over the next three quarters will translate into EBIT growth assuming that the benefits from operating leverage and terminating promotional discounts on peanut butter will offset higher labor and logistics costs."

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 $115.40 yesterday.

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