McCormick initiated with a Sell at UBS

UBS analyst Cody Ross initiated coverage of McCormick with a Sell rating and $71 price target. The analyst sees "more risk ahead" despite the stock’s year-to-date underperformance, saying the Street seems to be expecting sales and earnings growth to "snap back" to McCormick’s long-term algorithm in fiscal 2024 "despite multiple warning signs." These signs include widening price gaps, declining volume share, and lower household penetration, the analyst tells investors in a research note. The firm believes McCormick has a "tough decision on the horizon about balancing market share and profits."