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

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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 “Coffee historically has been a relatively rational category, with players only discounting sporadically. Now, however, the premium category (Dunkin', Starbucks, etc.) has been promotional longer than we expected, and SJM seemingly is seeing competitors act less than rationally at all tiers. The company even is seeing retailers dropping prices on private label coffee to below the price of manufacturer brands in order to drive traffic, a trend that is never helpful to companies like SJM. This has always been a key the risk in such a high margin category, that eventually players will price down to gain volume; unfortunately this trend seems to be picking up speed.” The J.M. Smucker Company closed on Friday at $76.09.
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Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsJ.P. Morgan & Co.
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