JPMorgan analyst Ken Goldman downgraded J.M. Smucker to Neutral from Overweight after the company’s Q1 earnings report and guidance cut, stating that it is becoming “increasingly clear” that the company’s position within the categories of coffee and pet food is “highly challenged.”

While the company lowered guidance, he does not think it cut its forecast enough, Goldman tells investors. He lowered his FY18 and FY19 estimates for J.M. Smucker and dropped his price target on the stock to $116 from $135. J.M. Smucker shares are down 6.6% to $111 in pre-market trading.