HALISTER1: McCormick Indicated Higher as Sole Sell Rating Upgraded at JPM

McCormick Indicated Higher as Sole Sell Rating Upgraded at JPM

(Bloomberg) -- McCormick indicated $98.80-$100.60 pre-market vs $98.42 close after JPMorgan analyst Ken Goldman upgraded to neutral from underweight (PT $96 from $91). JPMorgan had the only sell rating on McCormick: Bloomberg data.
  • While JPM continues to view MKC as overvalued, highlights management’s comments yesterday that M&A would “play an expanded role” in the co.’s growth
  • MKC "sounded highly confident" about current fundamentals and the likelihood they would improve throughout the year
  • Raises FY18E EPS estimates to $4.46 from $4.39, FY19E to $4.77 from $4.70
    • Street estimates $4.46 and $4.79: Bloomberg data
  • Says management indicated willingness to issue equity for the right deal
  • MKC 3 buys, 12 holds, 0 sells, avg PT $102: Bloomberg data
  • NOTE: April 4, McCormick Targets Sales of at Least $5b in 2019 vs Est. $4.9b
To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Scott Schnipper

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MKC US (McCormick & Co Inc/MD)

People
Ken Goldman (JPMorgan Chase & Co)

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