Jefferies Initiates Coverage On McCormick & Co.

Jefferies & Co. is initiating coverage on McCormick & Co. MKC with a Buy rating and a $55 price target on shares. In a note to clients, Jefferies writes, "We are initiating coverage of McCormick with a $55 target price and Buy rating. In our view, MKC is a perfect example of a steady and predictable performer that benefits from attractive categories with better-for-you appeal, strong brands and a good international growth opportunity. While the stock may not offer any major catalysts, we believe that these are exactly the qualities that make it appealing to long-term investors." Shares of MKC gained 57 cents yesterday to close at $49.35, a gain of 1.17%.