UPDATE: Jefferies Reiterates Hold Rating, Raises PT on The J.M. Smucker Company Following Good Results, Lowered Guidance

In a report published Thursday, Jefferies analyst Thilo Wrede reiterated a Hold rating on

, and raised the price target from $98.00 to $101.00. In the report, Jefferies noted, “SJM reported better than expected results as the consumer foods segment reported strong vol. growth in response to price cuts. To appeal to a still very price sensitive consumer SJM plans to increase coffee promotions which combined with the previously announced plans to grow marketing 10% this year (back half loaded due to the Olympics sponsorship) are supposed to support the top line. Yet, SJM lowered the underlying rev. growth guidance from flat to -1.5%.” The J.M. Smucker Company closed on Wednesday at $109.10.