JPMorgan Updates J.M. Smucker (SJM) Price Target, Keeps Bullish View ahead of Earnings

The J. M. Smucker Company (NYSE:SJM) is included among the 14 Best Affordable Dividend Stocks to Buy According to Analysts.

On February 23, JPMorgan raised its price recommendation on The J. M. Smucker Company (NYSE:SJM) to $122 from $121. The firm reiterated an Overweight rating on the stock. The update came as part of the firm’s fiscal Q3 earnings preview, reflecting a slightly more positive view ahead of the results.

A February 23 CNBC report said Bank of America also became more constructive on the stock after last week’s Consumer Analyst Group of New York conference. The firm upgraded J.M. Smucker to Buy from Neutral and increased its price target to $130 from $120. Bank of America said earlier concerns tied to Smucker’s 2023 acquisition of Hostess Brands have started to ease. Those worries had weighed on sentiment, but the outlook now appears more stable. Analyst Peter Galbo said management’s tone at the conference was reassuring. The company made it clear that it is not planning additional acquisitions at this time. It also indicated that share repurchases could be an option going forward. The analyst viewed that as a positive signal, especially as it points to more disciplined capital allocation.

Bank of America also said Smucker appears better positioned than many peers to manage the impact of GLP-1 weight-loss drugs. These treatments have raised concerns across the food industry, as they could reduce demand for certain packaged foods.

The J. M. Smucker Company (NYSE:SJM) produces and markets branded food and beverage products worldwide. Its portfolio includes well-known brands sold primarily through retail channels across North America.

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