Goldman Sachs analyst Adam Samuelson raised the firm’s price target on McCormick to $69 from $67 and keeps a Sell rating on the shares. The company’s Q3 results topped consensus, but a large portion of the beat was attributable to tax, FX, and the timing of SG&A / IT investments shifting to Q4, the analyst tells investors in a research note. McCormick management noted also weaker-than-expected Consumer performance in China, with APAC seen as the only region that did not experience volume growth, the firm added.
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