Wells Fargo lowered the firm’s price target on J.M. Smucker (SJM) to $115 from $135 and keeps an Overweight rating on the shares. The firm says it doesn’t have too much trouble getting upside to this guidance on better-than-guide Coffee i.e. about $9.50-plus in scope. The tension though is there is a likely and reasonable re-calibration of Smucker’s long-term earnings power, Wells adds.
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