McCormick price target raised to $75 from $73 at BofA

BofA analyst Peter Galbo raised the firm’s price target on McCormick to $75 from $73 and keeps an Underperform rating on the shares. After the company reported Q1 adjusted EPS above BofA’s forecast, the firm said it thinks shares’ squeezed yesterday on McCormick’s better than anticipated gross margin in the quarter and improved visibility to achieving its FY23 outlook. Following the report, BofA raised its FY23 adjusted EPS view to $2.61 from $2.57 and maintain its FY24-25 adjusted EPS forecasts.