UPDATE: J.P. Morgan Raises PT on The J.M. Smucker Company, Says Best Run Company in Food Business

In a report published Monday, J.P. Morgan reiterated its Overweight rating on The J.M. Smucker Company

, and raised its price target from $101.00 to $103.00. J.P. Morgan noted, “First, our model already accounted for most ($42MM) of the Sara Lee discontinuation. And second, management said it would replace much of its lost foodservice Uncrustables business with higher margin retail sales of the same product, which it now can do because of greater plant capacity. Lastly, we note that management quantified an incremental $15MM savings in its Consumer Foods division thanks to a new facility. When accounting for all of this and the 6% price decline SJM announced for its coffee brands last week, we are lowering our FY14E EPS estimate by $0.03, or a relatively small 0.53% off the prior base.” The J.M. Smucker Company closed on Friday at $92.99.