J.M. Smucker's (SJM) fiscal Q2 revenue will likely fall short of expectations as underlying portfolio consumption has been under pressure and supply chain disruptions are expected, but its EPS could "surprise to the upside," RBC Capital Markets said in a note to clients Friday.

Analysts said they expect the company to maintain its full fiscal year revenue outlook, while slightly raising its profitability and bottom-line guidance. The company is scheduled to release fiscal Q2 results next week.

Despite the tailwind provided by a rollback in coffee tariffs, there will likely be resistance from potential supply chain disruptions at its Hostess unit, as well as slower-than-expected category dynamics, according to the note.

The valuation of the stock currently embeds a long-term growth rate that's "too low," RBC said, adding that it believes the company is establishing enough initiatives to "stabilize and eventually turn Hostess into a growth contributor" over the next few quarters.

RBC has an outperform rating on the stock, with a price target of $130.