McCormick initiated with a Neutral at UBS

UBS initiated coverage of McCormick (MKC) with a Neutral rating and $83 price target The firm believes the company should be able to “drive best-in-class” low single digit volume growth, benefitting from secular tailwinds to per capita consumption, like cooking at home and the desire for spice and heat. However, UBS sees modest downside to near-term numbers, saying McCormick’s sales trends remain softer, and estimates have yet to be de-risked as it pertains to tariffs.