McCormick & Company (MKC) PT Lowered to $82 at Stifel

Stifel analyst Matthew Smith lowered the price target on McCormick & Company (NYSE: MKC) to $82.00 (from $85.00) while maintaining a Hold rating.

The analyst said, "McCormick reported 4Q24 EPS of $0.80 representing a 6% decline which was $0.05 ahead of our estimate and $0.03 ahead of the consensus estimate with the beat primarily supported by below-the-line items including stronger equity earnings and a lower tax rate. Organic sales were up nearly 2% supported by volume growth more than offsetting a modest drag from pricing. McCormick’s volume growth has improved sequentially and grown over the past two quarters - a standout amongst packaged foods companies benefiting from its category exposure and investments including price gap management that took hold in the second quarter. FY25 guidance includes 1% to 3% organic sales growth, with the low-end below our expectation which we believe incorporates a prudent view of recovery in China and customer volumes in EMEA. We continue with our Hold rating and lower our target price to $82."

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