UPDATE: Jefferies Raises PT on J.M. Smucker on Current Momentum

In a report published Friday, Jefferies analyst Thilo Wrede reiterated a Hold rating on J.M. Smucker SJM, and raised the price target from $80.00 to $98.00.

In the report, Jefferies noted, “We are reiterating our Hold rating for SJM with a new $98 PT. We expect SJM to continue to benefit from the current momentum for consumer staples stocks. However, longer term we are concerned about the outlook for Folgers which appears to be an aging brand that is facing increased competition. Unless SJM succeeds in making it more relevant to younger consumers we see major challenges for the company.”

J.M. Smucker closed on Thursday at $103.02.