Jefferies analyst Rob Dickerson upgraded McCormick (MKC) to Buy from Hold with a price target of $91, up from $85. The company’s meal-related portfolio positioning provides a more favorable backdrop, advantaged core category growth potential, and increased defensibility compared to other large-cap branded food manufacturers, the analyst tells investors in a research note. The firm says McCormick’s valuation is heavily discounted versus its five-year average.
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