UPDATE: Credit Suisse Upgrades McCormick & Company (MKC) to Outperform
Credit Suisse analyst Robert Moskow upgraded McCormick & Company (NYSE: MKC) from Neutral to Outperform with a price target of $187.00 (from $147.00).
The analyst comments "We now expect sales to grow 5.7% in FY 20 (compared to consensus of 2.6%) due to a net benefit from food consumption patterns during the COVID-19 pandemic. We think this company will be the biggest long-term beneficiary in our food sector coverage from consumers cooking more at home for economic reasons, safety concerns, and health and wellness. We are raising our target price to $187/share (from $147/share) and raising FY 20 to $5.50 (from $5.25) and FY 21 to $5.78 (from $5.36)."
Shares of McCormick & Company closed at $168.52 yesterday.
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