UPDATE: Citi Raises PT on The J.M. Smucker Company to $82

Citi is out with its report today on The J.M. Smucker Company

, raising its PT from $73 to $82. In a note to clients, Citi writes, "We are raising our price target to $82 on account of our increased EPS expectation for F13 ($5.45) and our placement of a higher forward P/E multiple on Smucker's EPS (15x) due to a rise in sector valuations. We note that 15x forward earnings is still below SJM's long-term median forward multiple of ~16x." Citi maintains Hold on SJM. Shares of SJM closed Tuesday at $79.28, up 1.30% from Friday's close.