Goldman Sachs cuts SJM estimates after Q1 results

    Goldman Sachs has cut its 2014 – 2016 EBITDA estimates for SJM Holdings by 1-2 percent after the company reported Q1 results. The firm also trimmed its sum-of-the-parts price target for the shares to HK$28.7 from HK$29, saying capacity constraints may continue to prevent the stock from outperforming its peers. However, Goldman did say the stock’s valuation currently looks attractive after recent declines. SJM doesn’t believe the recent news of a crackdown on illegal card payment devices and money laundering is targeted at the gambling industry, but is directed at illegal activities by certain individuals, Goldman said, citing management.