J.M. Smucker upgraded to Buy from Hold at Jefferies

Jefferies upgraded J.M. Smucker (SJM) to Buy from Hold with a price target of $115, down from $118. The post-earnings share pullback yesterday reflects Hostess’ lowered expectations and “soft” profit guidance, which incorporates a 0.5 coffee elasticity assumption that is “potentially conservative,” the analyst tells investors in a research note. The firm understands investor concern, but thinks J.M. Smucker’s fiscal 2026 “may have been de-risked.” The company’s portfolio remains growth advantaged versus peers, and the stock’s current 40% valuation discount to the food group, versus 25% historically, fails to reflect this, the analyst tells investors in a research note.