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    Tom Palmer

    Research Analyst at JPMorgan Chase & Co.

    Thomas Palmer is an Equity Research Analyst at JPMorgan Chase & Co., specializing in the coverage of the U.S. food and consumer staples sector with a focus on companies such as McCormick & Company, Lamb Weston, Kroger, The Kraft Heinz Company, Kellanova, and J.M. Smucker. He issues detailed buy, hold, and sell ratings, maintaining a rigorous track record through published research notes and price targets tied to these major publicly traded firms. While specific performance metrics and rankings are not publicly listed, Palmer's research influences institutional investor sentiment across leading food and packaged goods stocks. Details about his career timeline, previous experience, and securities licensing are not disclosed in available public sources.

    Tom Palmer's questions to HORMEL FOODS CORP /DE/ (HRL) leadership

    Tom Palmer's questions to HORMEL FOODS CORP /DE/ (HRL) leadership • Q3 2025

    Question

    Tom Palmer from JPMorgan Chase & Co. questioned if referencing the long-term growth algorithm implies that 2026 will not be an above-average year. He also asked about the Q4 outlook for pork costs and the rationale for building inventory amid elevated commodity prices.

    Answer

    Interim CEO Jeffrey Ettinger clarified that the long-term algorithm represents appropriate future goals but is not official 2026 guidance, which will come in Q4. CFO Jacinth Smiley stated that the Q4 outlook assumes markets remain elevated and that inventory was intentionally built for back-to-school demand and to improve customer service fill rates, with the balance also inflated by higher costs.

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    Tom Palmer's questions to J M SMUCKER (SJM) leadership

    Tom Palmer's questions to J M SMUCKER (SJM) leadership • Q1 2026

    Question

    Tom Palmer of JPMorgan Chase & Co. asked for clarification on what is driving the improved outlook for the second half of the year, given the reiterated annual guidance despite incremental weakness in Q2. He also inquired about the timing of when the Sweet Baked Snacks SKU reduction will begin to impact earnings.

    Answer

    CFO Tucker Marshall explained that the improved second-half outlook is due to a shift in profit, primarily from the timing of coffee costs which are concentrated in the first half. Regarding the SKU reduction, Marshall stated that of the $30 million in total savings, approximately $10 million will benefit Q4 of fiscal 2026, with the remaining $20 million impacting fiscal 2027. Profitability for the segment is expected to improve sequentially throughout the year.

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