UBS lowered the firm’s price target on McCormick (MKC) to $79 from $83 and keeps a Neutral rating on the shares. McCormick’s acquisition of a controlling stake in McCormick de Mexico is a “solid” use of capital, increasing the company’s exposure to a region that is growing per capita consumption in both units/dollars in the company’s core categories, all while being accretive to earnings, the analyst tells investors in a research note.
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Read More on MKC:
- McCormick Expands Stake in Mexican Subsidiary
- McCormick to acquire additional 25% interest in McCormick de Mexico for $750M
- McCormick added to Analyst Focus List at JPMorgan
- McCormick assumed with Overweight from Underweight at JPMorgan
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