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Fly News Breaks for March 25, 2015
MKC
Mar 25, 2015 | 06:24 EDT
Citigroup attributes yesterday's post-earnings rally in shares of McCormick to short covering and thinks the move higher is likely unsustainable. Citi believes McCormick's FY15 guidance, which implies flat earnings growth over remainder of the fiscal year, shows the company's fundamentals are weak. It also views the stock as carrying a premium valuation. The firm keeps a Sell rating on McCormick with a $69 price target.
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