UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on J.M. Smucker Company on Continued Upside

In a report published Monday, Deutsche Bank reiterated its Buy rating on J.M. Smucker Company (NYSE: SJM), and slightly raised its price target from $96.00 to $97.00.

Deutsche Bank noted, “Although Smucker is no longer our top pick, we continue to see upside based on leading brands, share gains, productivity, solid balance sheet, and 6-7% C2013 FCF yield. We view valuation, about a 15% discount to the group avg P/E, as attractive when accounting for $0.60 non-cash goodwill EPS impact.”

J.M. Smucker Company closed on Friday at $89.16.

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