Zacks Investment Research upgraded shares of McCormick & Co (MKC) from NEUTRAL to OUTPERFORM on December 05, 2014, with a target price of $88.00.
We are upgrading our recommendation on McCormick to Outperform from Neutral as the company delivered better-than-expected earnings and revenues in the third quarter of 2014 and raised its guidance for 2014. Earnings of $0.94 per share also increased 21% from the year-ago earnings driven by top-line growth, cost saving initiative, higher operating income and a lower tax rate. Revenues of $1.04 billion grew 3% year over year. Both the consumer and industrial business segments witnessed positive results in the quarter, aided by the company's product innovation, brand building and distribution program. Though the Asia-Pacific region continued to remain soft, McCormick is optimistic on its consumer business over the long term as it expects growing demand for flavors in the coming years.
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