J.M. Smucker price target raised to $124 from $122 at BofA

BofA analyst Peter Galbo raised the firm’s price target on J.M. Smucker (SJM) to $124 from $122 and keeps a Neutral rating on the shares. The firm raised its FY25 adjusted EPS forecat to $9.90 from $9.74 flowing through the Q2 beat, the analyst tells investors. The firm notes that the stock’s valuation multiple is at a discount to the packaged food peer group average, but in line with center store peers, which it believes is warranted as Smucker executes against its FY25 plans on an underlying basis, offset by execution risk around Hostess.