J.M. Smucker Called An 'Earnings Momentum Play' By JP Morgan

The J.M. Smucker Company (NYSE: SJM) is having its Overweight rating reiterated by JP Morgan and is having its EPS estimates raised for FY2011E to $4.61 from $4.58 and FY2012E is raised to $5.03 from $5.01.

JP Morgan has lowered its price target to $70 (from $74) to reflect lower industry multiples while the outlook remains optimistic. J.M. Smucker has beaten consensus estimates in 9 straight quarters by a median of 15.0%, making the company an earnings momentum play, according to JP Morgan.

The J.M. Smucker Company closed yesterday at $59.65.