UPDATE: Deutsche Bank Lowers PT on McCormick & Company on Investor Concerns, High-Margin Consumer Strength
In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on McCormick & Company (NYSE: MKC), but lowered the price target from $77.00 to $76.00.
In the report, Deutsche Bank noted, “With the stock under-performing peers in 2013 YTD, investors clearly have concerns. But we see high margin Consumer strength offsetting a delayed Industrial recovery. Combined with leading share, growing EM exposure, and solid B/S (1.8x leverage), we see stock deserving a premium valuation.”
McCormick & Company closed on Tuesday at $68.64.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.