BUZZ-BofA upgrades rating for J M Smucker, downgrades General Mills

Reuters02-23 22:21
BUZZ-BofA upgrades rating for J M Smucker, downgrades General Mills 

** Brokerage BofA changes rating on packaged food companies including J M Smucker SJM.N and General Mills GIS.N, following Consumer Analyst Group of New York (CAGNY) conference

** BofA upgrades SJM stock to "buy" from "neutral"; raises PT to $130 from $120; shares up ~2% premarket

** Brokerage says recent actions such as certain promotions and optimizing the manufacturing footprint should help stabilize profitability while core segments show strong fundamentals

** Adds "SJM presents as a relatively limited GLP-1 exposed center store food company relative to peers"

** BofA downgrades GIS stock to "neutral" from "buy"; cuts PT to $48from $55; shares down ~1% premarket

** "Consumer spending recovery has been slower than expected particularly for low- and middle-income, causing a higher cost of volume," says brokerage

** SJM fell 11% in 2025, while GIS fell 27%

(Reporting by Koyena Das from Bengaluru)

((Koyena.das@thomsonreuters.com))

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