UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT for J.M. Smucker

In a report published earlier today, J.P. Morgan & Co. reiterated its Overweight rating for the J.M. Smucker Company SJM, but lowered its price target from $90.00 to $84.00. J.P. Morgan went on to say “We hold an Overweight rating on the SJM shares. Though we are increasingly concerned about the coffee category and have taken our numbers down, we still see enough upside in the stock to warrant a constructive view. Keep in mind, too, that our Overweight rating is a relative one, and we have more concerns about the majority of our packaged food coverage than we do for SJM.” The J.M. Smucker Company closed yesterday at $76.09.