UPDATE: Jefferies Ups PT to $67 on McCormick on In-Line Q2 Earnings
Jefferies reiterates its Buy rating on McCormick (NYSE: MKC) and raises its price target from $62 to $67.
Jefferies comments, "MKC's 2Q12 earnings of $0.60 were in line with our model as the company demonstrated its stable and high-quality business model. Inventory levels have started to decline sequentially, volume and price performance are well balanced and the organic growth rate outperforms most peers. We continue to see MKC as the best positioned large cap packaged food name in our universe. On the negative side, the industrial EBIT margin declined again."
MKC closed at $59.09 on Wednesday.
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