Deutsche Bank Has Buy on Smucker

Deutsche Bank is out with a research report on Smucker

and it has a Buy rating and a $84 price target on shares. In a note to clients, Deutsche Bank writes, "Elasticity remains a challenge for all food companies, but we continue to recommend Smucker's stock based on a relatively low C2012E valuation (12.7x adj P/E), strong balance sheet, solid FCF (5% yield) and leading brands that continue to gain share across the bulk of the U.S. based portfolio." Shares of SJM lost 6 cents on Friday to close at $76.87.