BofA lowered the firm’s price target on McCormick (MKC) to $89 from $96 and keeps a Buy rating on the shares. Q3 sale and earnings came in better than expected, but the firm lowers its FY25 adjusted EPS view to $3.02 from $3.04 to bake in a higher inflation impact, the analyst tells investors. However, McCormick continues to be “one of few packaged food companies” to both deliver organic sales and volume growth, which “continues to have scarcity value,” the analyst added.
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Read More on MKC:
- McCormick & Company: Strategic Resilience and Growth Amid Market Challenges Justifies Buy Rating
- McCormick price target lowered to $79 from $82 at JPMorgan
- McCormick & Company: Strong Sales and Strategic Measures Support Buy Rating Amid Inflation Challenges
- McCormick & Company Reports Steady Q3 Growth
- McCormick’s Earnings Call: Growth Amid Rising Costs