UPDATE: Jefferies Raises PT on McCormick & Co. to $57

Jefferies is out with its report today on McCormick & Co. MKC, raising its PT from $55 to $57. In a note to clients, Jefferies writes, "2Q11 results ahead of consensus but FY11 guidance was reduced by $0.06 due to acquisition costs. But pricing and volume were strong (+5% and +3%, respectively) and the lowered guidance might prove to be conservative. We consider today's 3% sell-off overdone – especially in light of GIS' results yesterday – and are buyers especially on weakness. Raising PT to $57." Jefferies maintains Buy on MKC. Shares of MKC closed Thursday at $49.57, down 2.80% from Wednesday's close.