McCormick price target lowered to $64 from $81 at Jefferies

Jefferies analyst Scott Marks lowered the firm’s price target on McCormick (MKC) to $64 from $81 and keeps a Buy rating on the shares. While the deal multiple, execution risk, and leverage due to the planned merger with Unilever’s (UL) Foods unit weighs on near-term sentiment, and the firm understands “if investors want to bail,” it thinks the strategic rationale of the deal makes sense and potentially sets up McCormick for “a stronger future growth profile,” the analyst tells investors.