McCormick initiated with a Sell at Citi

Citi initiated coverage of McCormick with a Sell rating and $60 price target. The analyst sees “plenty of nearer-term headwinds” for the company, especially market share losses in key categories. Consensus estimates, which call for 8% average earnings growth over the next three years, seem optimistic considering that level of growth historically was supported by accretive acquisitions, which could be hard to come by in the current interest rate environment, the analyst tells investors in a research note.