Morgan Stanley lowered the firm’s price target on J.M. Smucker (SJM) to $115 from $118 and keeps an Overweight rating on the shares. The firm does not think shares being down about 370 basis points on the day of earnings was “unfair” in light of more constructive sentiment and many investors hoping for upside versus an in-line Q2 and unchanged midpoint of fiscal year guidance, the analyst tells investors. Post Q2, the firm is lowering its estimates by a low-to-mid single digit percentage, the analyst added.
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