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The price target for The J.M. Smucker Company ( SJM ) was raised at Deutsche Bank on Wednesday. The analysts also reiterated the rating for the food manufacturer.

Deutsche Bank reaffirmed the "Buy" rating for SJM and raised the price target from $91 to $93. The new target is a +6.8% upside from Tuesday's closing price of $87.05.

Deutsche Bank said, "Leading brands, share gains, productivity, a solid balance sheet, and 6-7% C2013E FCF yield are positives that support our BUY opinion. Input cost moderation could help earnings. In either case, we see valuation as attractive when accounting for $0.60 non-cash goodwill EPS impact. Our new $93 (from $91) target price is based on 3 methodologies, equally weighted to determine valuation (incl. DCF, our IVCC framework, traditional P/E). Please see details in this report. Risks include: commodity prices (coffee, peanuts, grain, energy), competition (branded, private label), family management/control, M&A integration."

J.M. Smucker shares were flat in premarket trading on Wednesday. The stock is up $8.88, or +11.46%, year to date.

The Bottom Line
Shares of The J.M. Smucker Company ( SJM ) have a 2.39% dividend yield, based on last night's closing stock price of $87.05. The stock has technical support in the $81-$82 price area. The shares are trading at all-time highs.

The J.M. Smucker Company ( SJM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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