McCormick price target raised to $68 from $60 at Citi

Citi raised the firm’s price target on McCormick to $68 from $60 and keeps a Sell rating on the shares following the fiscal Q1 report. The firm says it is difficult to point to a nearer-term downside catalyst for the shares when the Q1 results were solid enough that McCormick was able to talk down Q2 expectations without weighing on the shares. In addition, McCormick could soon start to benefit from a variety of company-specific initiatives to drive higher sales, .the analyst tells investors in a research note. The firm cites valuation and “lofty” earnings expectations for the Sell rating.