UPDATE: McCormick & Company (MKC) PT Raised to $104 at Credit Suisse, Following Earnings

March 30, 2021 2:13 PM EDT
Get Alerts MKC Hot Sheet
Price: $86.27 +0.19%

Rating Summary:
    1 Buy, 9 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
Trade Now! 
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
(Updated - March 31, 2021 8:06 AM EDT)

Credit Suisse analyst Robert Moskow raised the price target on McCormick & Company (NYSE: MKC) to $104.00 (from $100.00) while maintaining a Outperform rating after the company reported organic sales of 16% in 1Q (CS 7%) and EPS of $0.72 (CS $0.59).

The analyst stated "The beat came from refilling depleted inventory on retailer shelves and continued elevated consumer demand for cooking. Management raised guidance for only half of the beat quantitatively (+1% for sales and 2% for EPS), but emphasized that its “year-to-go” expectations have not changed. In other words, the 1Q beat is largely incremental and shipments are expected to continue to exceed consumption as the company continues to refill depleted herbs, spices, and recipe mix supplies. As a result, we are raising our estimate to the high end of the new sales (8-10%) and EPS ranges ($2.97-$3.02)."

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst PT Change

Related Entities

Credit Suisse, Earnings