JM Smucker Co

SJM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$596.00	Xygcy	Bnwtn

Smucker's Pet Divestitures and Hostess Acquisition Lead to Elevated Near-Term Expenses

Kristoffer Inton

Mar 4, 2024

Business Strategy and Outlook

Smucker has the leading brand in some categories, but we don’t think it enjoys pricing power or entrenched retailer relationships to create an economic moat. Its long-term strategy is to turn low-single-digit sales growth into mid-single-digit adjusted operating income growth, leading to high-single-digit adjusted EPS growth—but we expect mid-single-digit growth as likely.

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