UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on McCormick & Company Following 3Q13 Results Report

In a report published Friday, Citigroup analyst David Driscoll reiterated a Neutral rating on

, but lowered the price target from $76.00 to $74.00. In the report, Citigroup noted, “McCormick faced continued headwinds in F3Q, attributable to a weak environment in the US, where the firm's sales to industrial customers have remained soft, and which is expected to persist in the fiscal fourth quarter. Moreover, the firm's US Consumer business (ie retail spices) produced soft results, which declined -4% on an organic basis (LFL). A soft Consumer result was expected as we outlined in our September 10th report, in which we highlighted McCormick as potentially having the most downside from soft US retail sales results.” McCormick & Company closed on Thursday at $66.56.