CORRECTION: Jefferies Raises Price Target On McCormick (MKC)

(Correction: Analyst note should be attributed to McCormick-MKC, not McKesson-MCK)

Jefferies raised its price target earlier on Buy-rated McCormick & Company (NYSE: MKC) from $55 to $57.

The firm comments, "We are reiterating our Buy rating for MKC, despite a slow start to the year – 1Q12 should be challenging due to ongoing gross margin pressure. Nevertheless, we continue to like the name, even if it is more expensive than other large cap packaged food stocks. The good brands, strong innovation (9% of revenue from products introduced since '09) and emerging mkt exposure (13% revenue contribution) all make MKC a good long-term investment."


For an analyst ratings summary and ratings history on McCormick & Company click here. For more ratings news on McCormick & Company click here.

Shares of McCormick & Company closed at $51.07 yesterday.

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