UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on McCormick & Company on Solid F1Q13

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on McCormick & Company MKC, and raised the price target from $65.00 to $77.00. In the report, Poole noted, “As we expected, McCormick rebounded from its F4Q12 disappointment while posting a solid F1Q13 and reiterating the F2013 outlook. While valuation is relatively high, this has been true for much of the last 10+ years! EBIT growth (excl. pension exp) should be up 10% and solid FCF/BS should also be considered.” McCormick & Company closed on Tuesday at $72.62.