UPDATE: Jefferies Raises McCormick's PT

According to a research report published earlier today, Jefferies has increased McCormick & Company's MKC PT from $57 to $62. In the report, Jefferies explained, “Despite reaching all-time highs after MKC reported 1Q12 EPS of $0.55 we still like the equity, as MKC seems to be able to defy overall weak industry trends. Helped by acquisitions and expectations for moderating input costs, MKC is one of the best earnings growers in the industry with a strong long-term outlook, in our view. We are reiterating our Buy rating and are increasing our PT to $62 from $57.” McCormick closed yesterday at $54.22.