J.M. Smucker price target lowered to $135 from $150 at Argus

Argus lowered the firm’s price target on J.M. Smucker to $135 from $150 but keeps a Buy rating on the shares. The company is gaining market share as at-home consumption of food and beverages continues to exceed pre-pandemic levels, while its managemen is also working to offset inflation and supply-chain challenges with price hikes and improved productivity, the analyst tells investors in a research note. J.M. Smucker is also divesting slower-growing pet food brands, which should improve profitability, the firm stated, adding that the stock is trading at 11-times its forward earnings estimate – below the peer average of 15-times and below the midpoint of the five-year historical average range of 8- to 28-times.