Bernstein Raises Smucker Rating as Coffee Costs Fall and Activist Pressure Mounts
Bernstein upgraded J.M. Smucker to Outperform from Market-Perform and lifted its price target to $145 from $121 after observing a sharp drop in green coffee costs and noting the potential impact of activist investor Elliott Investment Management. The brokerage expects stronger retail coffee margins and higher company-wide operating profit versus co…