Citi Reiterates Neutral Rating on McCormick & Company (MKC)
Citi analyst Thomas Palmer reiterated a Neutral rating and $88.00 price target on McCormick & Company (NYSE: MKC).
The analyst comments "The MKC shares were +1% at time of writing (vs. S5PACK flat) following a sizable 3Q24 EPS beat, but annual sales/EPS outlooks that were mainly adjusted higher for FX (initial take). MKC’s organic sales growth continues to progressively improve, driven by volumes, and the company gave reasons today why this could continue in 4Q and into 2025. We do not expect major changes to MKC’s long-term expectations at the October 22nd investor day, but it could serve as a positive reminder as to why MKC’s sales and profit growth could outpace most of its large cap peers’ over time. The shares’ lofty valuation continues to prevent us from being more constructive in our rating. But relative to other food stocks, the MKC shares could remain in favor, if volume growth continues to improve and EPS continues to impress."
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Shares of McCormick & Company closed at $84.09 yesterday.