McCormick price target raised to $76 from $71 at Barclays

Barclays raised the firm’s price target on McCormick to $76 from $71 and keeps an Equal Weight rating on the shares. While the company’s Q1 organic sales growth and EPS upside came against subdued expectations and while its FY24 EPS growth is still expected to be more back-half weighted, McCormick’s comments on early signs of volume and market share progress in its core U.S. Spices and Seasonings category were “interesting and encouraging”, the analyst tells investors in a research note. The companys effort to narrow certain key SKU price gaps looks as though it is increasingly effective, the firm added.