Wells Fargo raised the firm’s price target on J.M. Smucker (SJM) to $135 from $120 and keeps an Overweight rating on the shares. The firm says the move in the shares was driven by activists at the gates, as opposed to fundamentals, which were mixed. Ultimately, tighter oversight to help J.M. Smucker deliver on what looks like fundamental potential was a powerful force, adds Wells.
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