On Oct 03, major Wall Street analysts update their ratings for $McCormick & Co (MKC.US)$, with price targets ranging from $85 to $96.
BofA Securities analyst Peter Galbo maintains with a buy rating, and adjusts the target price from $95 to $96.
Citi analyst Thomas Palmer maintains with a hold rating, and maintains the target price at $88.
Barclays analyst Andrew Lazar maintains with a hold rating, and adjusts the target price from $76 to $85.
TD Cowen analyst Robert Moskow maintains with a hold rating, and adjusts the target price from $73 to $86.
Stifel analyst Matthew Smith, CFA maintains with a hold rating, and adjusts the target price from $75 to $85.
Furthermore, according to the comprehensive report, the opinions of $McCormick & Co (MKC.US)$'s main analysts recently are as follows:
Post McCormick's Q3 earnings, which surpassed expectations owing to improved gross and operating margins, the company also elevated its financial outlook for FY24. Subsequent to the earnings report and updated guidance, forecasts for FY24 adjusted EPS were increased.
McCormick's Q3 results surpassed expectations, though a significant part of this performance was due to tax effects, foreign exchange, and a shift in the timing of SG&A / IT investments to the fourth quarter. Management also observed a lower-than-anticipated consumer response in China, with the APAC region being the sole area without volume growth.
The company reported a solid third-quarter earnings per share outperformance, and management has adjusted the full-year guidance upwards to account for a specific tax advantage. The performance is perceived as acceptable though not exceptional, considering the organic sales expanded by a modest 0.4%.
Following McCormick's report of a robust third quarter, an analyst highlighted the company's earnings per share of 83 cents, which signified a 28% increase and surpassed estimates by 17 cents, inclusive of a 10 cent benefit from certain items and a stronger than anticipated margin expansion. The company's reiteration of its constant currency guidance for the full year and its assurance in reaching the mid-to-high end of its sales growth projection was also underscored. Consequently, the analyst has adjusted the earnings per share estimate upward by 5 cents, now anticipating an earnings per share of $2.89 for the full year.
Here are the latest investment ratings and price targets for $McCormick & Co (MKC.US)$ from 5 analysts:
Note:
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