UPDATE: JP Morgan Raises PT on J.M. Smucker (SJM)

JP Morgan is out with its report on J.M. Smucker (NYSE: SJM), raising its price target from $71 to $72.

In a note to clients, JP Morgan writes, "Following yesterday's earnings beat, we are boosting our EPS estimates and price target for J.M. Smucker Co. FY11E goes to $4.81 from $4.65, FY12E to $5.14 from $5.05, and our Dec-11 price target to $72 from $71. Our Overweight rating has been based on a belief that coffee-segment EBIT could be maintained despite higher input costs; after yesterday's report our confidence in this thesis has increased."

At the time of posting, shares of SJM were trading at $67.76, up 1.67% from Thursday's close.