UPDATE: J.P. Morgan Lowers PT on J.M. Smucker to $79

J.P. Morgan is out with its report today on J.M. Smucker (NYSE: SJM), lowering its PT to $79 from $83.

In its report, J.P. Morgan writes, "FY12E goes to $5.04 from $5.14 and FY13E to $5.48 from $5.66. Our estimates have been lowered because of concerns that margins outside coffee could stay muted for longer than expected. Our target price goes to $79 from the prior $83 to reflect these reduced estimates."

J.P. Morgan maintains Overweight on SJM.

Shares of SJM closed Friday at $67.82, down 3.14% from Thursday's close.