McCormick price target lowered to $72 from $75 at Credit Suisse

Credit Suisse analyst Robert Moskow lowered the firm’s price target on McCormick to $72 from $75 and keeps a Neutral rating on the shares. Nielsen retail tracking data looks in line with management guidance and consensus, but the firm is cautious on McCormick ahead of its Q1 earnings announcement and lowering its FY23E EPS estimate. Management’s emphasis at the CAGNY conference in February on near-term headwinds reinforced the firm’s concerns and Credit Suisse also sees risk of the valuation multiple rerating back to its historic premium.