UPDATE: Morgan Stanley Reiterates On The J.M. Smucker Company On Cut F15 Outlook

In a report published Thursday, Morgan Stanley analyst Matthew Grainger reiterated an Equal-Weight rating on The J.M. Smucker Company SJM, but lowered the price target from $107.00 to $102.00. In the report, Morgan Stanley noted, “SJM's 2Q15 EPS and FY15 guidance cut (sales -1%, EPS $5.45-5.65) points to a much more adverse consumer reaction (vols -18% in Q2) to recent coffee pricing, and extends the recent trend of deteriorating outlooks across US Food. We remain EW, while reducing our PT to $102.” The J.M. Smucker Company closed on Wednesday at $100.38.