Bernstein raised the firm’s price target on J.M. Smucker (SJM) to $113 from $110 and keeps a Market Perform rating on the shares. The firm says that overall, Smucker’s seems to be hanging in there somewhat better than its peers. Organic sales growth of about 6% was driven mainly by low-double digit pricing, driven mainly by coffee, with underlying volumes down mid-single digits, Bernstein adds. Then again, adjusted EPS was down by 24% year-on-year, due mainly to coffee input cost inflation and tariffs, operational deleveraging and investments in marketing and innovation.
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