McCormick & Company (MKC) PT Lowered to $73 at TD Cowen

TD Cowen analyst Robert Moskow lowered the price target on McCormick & Company (NYSE: MKC) to $73.00 (from $75.00) while maintaining a Hold rating.

The analyst commented, "We are lowering organic sales for FY24 back to the high end of the company's conservative -1% to +1% guidance range. At an investor event on June 4, management made cautious remarks about volume declines in foodservice. We lower our EPS estimate by $0.02, but view the high end of $2.80-$2.85 guidance as achievable due to elevated productivity savings and reinvestment flexibility."

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