J.M. Smucker price target lowered to $125 from $132 at BNP Paribas

BNP Paribas lowered the firm’s price target on J.M. Smucker (SJM) to $125 from $132 and keeps an Outperform rating on the shares. U.S. packaged food valuations “look cheap relative to history,” but the firm believes they are “cheap for a reason” and it lowered targets for several companies in the group to account for volume growth that “looks to be muted at best” and pricing power that “could be somewhat illusory.”