UPDATE: Gabelli Downgrades J.M. Smucker to Hold

Gabelli is out with its report today on J.M. Smucker (NYSE: SJM), downgrading SJM from Buy to Hold.

In a note to clients, Gabelli writes, "SJM faces several challenges going into FY2012, although the earnings guidance is achievable, we are changing our recommendation to a Hold based on valuation and potential 2H challenges."

At the time of posting, shares of SJM were trading at $77.85, down 0.36% from Thursday's close.