The J.M. Smucker Company: Widening The Spread As SJM Pulls Ahead

研报英文原文证据摘录

The J.M. Smucker Company: Widening The Spread As SJM Pulls Ahead

Equity Research

U.S. Food

10 June 2026

The J.M. Smucker Company

Widening The Spread As SJM Pulls

Ahead

We are raising our target price as U.S Retail Coffee margins SJM EQUAL WEIGHT

should accelerate, Sweet Baked Snacks profitability is moving Unchanged

in the right direction, Uncrustables continues to grow off of a U.S. Food UnchangedNEUTRAL

much higher base, and further deleveraging should open Price Target USD 125.00

greater capital allocation optionality, in time. raised 21% from USD 103.00

Price (09-Jun-26) USD 112.39

Potential Upside/Downside +11.2%

Source: Bloomberg, Barclays Research

Market Cap (USD mn) 11987 THE EXTEL SURVEY IS CLOSING SOON

Shares Outstanding (mn) 106.66

Support our industry-leading Free Float (%) 97.04 52 Wk Avg Daily Volume (mn) 2.0

Dividend Yield (%) 3.92 analysts with 5-Star votes in

Return on Equity TTM (%) -2.39

the 2026 Extel All-America Current BVPS (USD) 51.98

Research Survey. Source: Bloomberg

Price Performance Exchange-NYSE

Vote Now View Analysts 52 Week range USD 119.39-88.25

In our view, in the context of a tough industry backdrop, SJM would seem to have better

visibility vs some other center store peers. With other fiscal year reporters such as CAG and

GIS likely to position FY27 as one of transition once again, when even more difficult capital

allocation decisions need to be made, we think SJM’s visibility into profit growth and balance

Source: IDC

sheet flexibility increasingly stands out. Coffee margins should accelerate as SJM laps tariff Link to Barclays Live for interactive charting

impacts and benefits from moderating green coffee costs. We estimate increased profits in U.S.

Retail Coffee should add about $1 in EPS, or about +11pt YOY of EPS growth on its own.