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J.P Morgan has confirmed with the Nielsen Co. that retail sales data for J.M. Smucker
SJM excludes sales from the company's K-Cups. The data is being housed in Nielsen's servers under Green Mountain, owner of the single-serve Keurig system, for which K-Cups are made. The distinction is important because when K-Cups are included under SJM for the month ending 12/25/10, the firm's coffee sales growth rises from a reported -0.6% year-on-year to +2.8%, a difference of 3.4%
The stock fell 1.3% yesterday versus 0.0% for the average large-cap packaged food stock, largely, we believe, because of what was perceived as soft Nielsen data. Should the investment community perceive the data as better than first believed, the SJM shares may rebound.
J.P Morgan has a $71 PT and Overweight rating on SJM
SJM closed Thursday at $62.40
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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