UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on McCormick & Company
In a report published Friday, Jefferies & Company reiterated its Buy rating on McCormick & Company (NYSE: MKC), and raised its price target from $67.00 to $70.00.
Jefferies noted, “MKC raised its FY12 guidance by 2¢ today, but it was for the wrong reasons (taxes) and the underlying guidance was lowered by 4¢. This creates an entry point into one of the strongest names in our packaged food universe. We do not think that MKC's story is broken but rather think that mgmt is prudently cautious. MKC's products fit demographic trends and the organic growth remains better than that of most peers. Reiterating Buy.”
McCormick & Company closed on Thursday at $61.75.
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