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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