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J.M. Smucker projects 2020 profit above Wall St estimates

Feb 20 (Reuters) - Jif peanut butter maker J.M. Smucker Co on Wednesday projected profit growth for fiscal year 2020 ahead of Wall Street forecasts, as it bets on the success of new products and price hikes for its pet food.

Adjusted profit would grow between 3 percent and 4 percent in fiscal 2020, Smucker said. Analysts on average were expecting a 2.74 percent increase, according to IBES data from Refinitiv.

Shares of the company were up 2.6 percent at $106.69 in morning trading. (Reporting by Soundarya J in Bengaluru;Editing by Sai Sachin Ravikumar)