Credit Suisse analyst Robert Moskow downgraded McCormick to Neutral from Outperform but raised his price target for shares to $150 from $137 due to valuation. He also raised his FY18 and FY 9 EPS estimates to $5.00 and $5.45, respectively. In a research note to investors, Moskow says he still believes that the company has a competitively advantaged franchise in the highly attractive flavorings category, and believes that it is on track to deliver strong growth in Q4 and 2019, but says that with the stock now up 46% since the start of the year, he thinks the risk-reward is more balanced for the next 12 months.