UPDATE: J.P. Morgan Downgrades J.M. Smucker On Current Revenue Headwinds

In a report published Thursday, J.P. Morgan analyst Ken Goldman downgraded J.M. Smucker (NYSE: SJM) from an Overweight rating to a Neutral rating and lowered the price target from $123.00 to $110.00.

In the report, J.P. Morgan says "We are downgrading SJM to Neutral from Overweight and lowering our December 2014 price target to $110 from $123. We previously believed the tailwind of lower green coffee costs would more than offset top line issues, at least for the next few quarters, but we under-estimated the power of current revenue headwinds across packaged food. Thus, while we continue to view SJM as a well-managed company in solid categories, with center store trends struggling across food and Street earnings estimates perhaps too high, we think a Neutral rating is appropriate."

J.M. Smucker closed on Wednesday at $101.49.