McCormick price target lowered to $67 from $78 at JPMorgan

JPMorgan analyst Thomas Palmer lowered the firm’s price target on McCormick (MKC) to $67 from $78 and keeps an Overweight rating on the shares as part of Q1 earnings preview. The firm cites its slight estimate reductions and industry-wide multiple compression for the target cut. McCormick is likely to reiterate its guidance, but faces incremental headwinds from mixed consumption trends and potential cost pressures from rising freight and fuels costs, the analyst tells investors in a research note. JPMorgan thinks a “mixed” Q1 report is largely priced into the shares.