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Fly News Breaks for June 7, 2017
SJM
Jun 7, 2017 | 09:20 EDT
Morgan Stanley analyst Matthew Grainger sees downside risk to J.M. Smucker's Q4 and FY18 Street expectations and is forecasting Q4 earnings at $1.70, versus consensus of $1.72. The analyst believes organic sales have decelerated due to difficult comps, coffee volume elasticity, and deteriorating Q4 scanner data. Grainger said the Pet Food segment remains challenged and likely limits the scope of margin expansion and said believes earnings growth is constrained by reinvestment needs, Wal-Mart exposure, and increasing private label growth in key categories. The analyst rates J.M. Smucker an Underweight with a $126 price target.
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