J.M. Smucker Called An 'Earnings Momentum Play' By JP Morgan

The J.M. Smucker Company SJM is having its Overweight rating reiterated by JP Morgan and is having its EPS estimates raised for FY2011E to $4.61 from $4.58 and FY2012E is raised to $5.03 from $5.01. JP Morgan has lowered its price target to $70 (from $74) to reflect lower industry multiples while the outlook remains optimistic. J.M. Smucker has beaten consensus estimates in 9 straight quarters by a median of 15.0%, making the company an earnings momentum play, according to JP Morgan. The J.M. Smucker Company closed yesterday at $59.65.