McCormick price target lowered to $55 from $65 at Stifel

Stifel analyst Matthew Smith lowered the firm’s price target on McCormick (MKC) to $55 from $65 and keeps a Hold rating on the shares. The firm holds “a positive view of the strategic merits” of combining McCormick with the Unilever Foods business, but believes a multiple for the Unilever Foods business implied in the combination toward the higher end of its estimated range, along with the structure of the transaction and protracted close period, will weigh on the near-term valuation.