J.M. Smucker upgraded to Market Perform from Underperform at Bernstein

Bernstein upgraded J.M. Smucker to Market Perform from Underperform with a price target of $119, down from $123. The analyst believes the pullback in the stock price is overdone. The risk/reward for the food sector is now more balanced, with near-term performance skewed to the upside, the analyst tells investors in a research note. The firm we sees an overreaction to GLP-1’s impact on future food volumes, and believes the risk/reward for the sector is modestly attractive at these current levels. It views J.M. Smucker’s valuation as “cheap.”