McCormick Analysts Cut Their Forecasts After Q3 Results

McCormick & Company, Incorporated MKC reported downbeat third-quarter sales results.

McCormick’s quarterly sales rose 6% year-over-year to $1.684 billion, missing the analyst consensus estimate of $1.70 billion. Adjusted EPS of $0.65 was in line with the consensus estimate.

McCormick reaffirmed FY23 revenue growth guidance of 5%-7%. The company raised FY23 adjusted EPS outlook to $2.62-$2.67 from $2.60-$2.65.

McCormick shares fell 8.5% to close at $68.40 on Tuesday.

These analysts made changes to their price targets on McCormick following earnings announcement.

• B of A Securities cut the price target on McCormick from $100 to $86. B of A Securities analyst Peter Galbo maintained a Buy rating.
• Stifel lowered the price target on McCormick from $82 to $70. Stifel analyst Matthew Smith maintained a Hold rating.

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