Jefferies Raises SJM Target From $64 To $68

Jefferies is raising its PT on shares of The J. M. Smucker Company

from $64 to $68. Jefferies is also raising its 4Q and FY11 EPS estimates to $0.96 and $4.75 from $0.95 and $4.65. “The revised forecast largely reflects lower share count, higher sales, especially in coffee, the potential for further cost pressures, and 3Q results,” Jefferies writes. “We have also raised our FY12 estimate to $5.10 (from $4.78), mostly due to lower share count, higher sales, but some margin pressure in coffee, increased profitability due to the company's restructuring initiatives and revised FY11 estimates.” The J. M. Smucker Company closed Friday at $67.33.