UPDATE: Credit Suisse Reiterates On The J.M. Smucker Company Following 2Q Profit Warning

In a report published Thursday, Credit Suisse analyst Robert Moskow reiterated a Neutral rating on The J.M. Smucker Company SJM, but lowered the price target from $111.00 to $105.00. In the report, Credit Suisse noted, “Smucker announced a 2Q profit warning and lowered FY15 guidance due to volume declines in coffee. Folger's volume fell 20% in the quarter due to negative consumer response to higher promoted price points. We are reducing our FY15 and FY16 EPS to $5.55 and $5.90, respectively, and lowering our target price to $105 reflecting a 17x multiple on our forward 12-month earnings estimate.” The J.M. Smucker Company closed on Wednesday at $100.38.