UPDATE: J.P. Morgan Raises PT on J.M. Smucker to $83

J.P. Morgan is out with its report today on J.M. Smucker

, raising its PT from $82 to $83. In a note to clients, J.P. Morgan writes, "We assume that SJM's P/E stays constant at the current 15.1x NTM earnings. Using our calendar 2012 estimate of $5.50, this implies fair value at the end of this year of $83. This is our new Dec-11 price target, up from $82. There is 7% upside from the current stock price and $82. Extrapolated over a period of 12 months, this equals 12% annual upside – not outstanding but good enough for us to keep an Overweight rating. Note that SJM continues to have an appealing PEG ratio." Shares of SJM closed Thursday at $78.13.