Gabelli Has Buy On JM Smucker Co (SJM)

Gabelli & Co. has a Buy rating on shares of JM Smucker Co

. In a note to clients, Gabelli writes, "Generates strong cash flow and continues to have financial flexibility; mgmt expects to continue repurchasing shares, while it also has the ability to pursue new acquisition opportunities, which remains a core element of its long-term strategy. The current valuation remains attractive, as we expect SJM to generate high-single digit earnings growth over the next five years. SJM is currently trading at 8.0x 2011E EBITDA and 14x P/E. PMV of $95 based on 2012 estimates." Shares of SJM closed at $66.65 yesterday.