Bernstein lowered the firm’s price target on J.M. Smucker (SJM) to $134 from $145 and keeps an Outperform rating on the shares. The firm says Smucker’s remains its top pick, but Bernstein is tempering its earnings estimates for FY27. Based on its interpretation of conversations with management, the firm now believes that guidance for FY27, to be provided in June, is now more likely to be only modestly above the company’s long-term earnings growth algorithm of high-single-digit adjusted EPS growth.
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