Wells Fargo analyst Chris Carey lowered the firm’s price target on J.M. Smucker (SJM) to $125 from $135 and keeps an Overweight rating on the shares. The firm is broadly lowering estimates for the sector ahead of quarterly results. The earnings revisions were anchored by unique, company-specific commodity sheets in all Wells’ models, the firm adds. This makes the margin builds much more specific to the track of this inflationary backdrop, namely into Q4 2026 and 2027, with embedded recovery into 2028
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