UPDATE: Hilliard Lyons Initiates JM Smucker at Neutral on Valuation

Hilliard Lyons initiated coverage on JM Smucker

with a Neutral rating pending a better entry opportunity. Hilliard Lyons commented, "We like the company's high quality product portfolio, strong market share positions, good history of earnings and dividend growth, and generation of free cash flow. We also consider the management team, including the acumen and active leadership of the Smucker family, a key positive factor. With the shares slightly above average historical valuations, we prefer to wait for a slightly lower price for potential purchases." JM Smucker closed at $87.47 on Thursday.