McCormick price target lowered to $74 from $83 at Deutsche Bank

Deutsche Bank analyst Steve Powers lowered the firm’s price target on McCormick to $74 from $83 and keeps a Hold rating on the shares following the Q4 results and below-consensus FY23 guidance. Management has adequately framed the many puts and takes for FY23, and the firm expects the market to stay cautious considering McCormick’s operational and communication missteps over the last few quarters, lingering cost/supply chain disruption potential, and uncertainty around quarterly phasing in what is supposed to be a back-end-weighted year, the analyst tells investors in a research note.