McCormick price target raised to $85 from $75 at Stifel

Stifel analyst Matthew Smith raised the firm’s price target on McCormick to $85 from $75 and keeps a Hold rating on the shares after the company reported a stronger-than-expected third quarter. EPS of 83c, representing 28% growth, was 17c ahead of the firm’s estimate, including 10c of favorability from below-the-line items and stronger margin expansion, the analyst tells investors. The firm, which notes that McCormick reiterated its FY24 constant currency guidance and remains confident in achieving -the mid-to-high end of its sales growth outlook, is raising its EPS estimate by 5c and now estimates FY24 EPS of $2.89.