UBS analyst Steven Strycula downgraded McCormick to Sell from Neutral with a price target of $147, down from $155. The analyst sees "steady" category fundamentals and continued cost savings offset by McCormick's elevated investment spend, higher inflation and return to a normalized tax rate in fiscal 2020. The headwinds are not fully reflected in consensus estimates, Strycula tells investors in a research note. He believes the prospect of "muted" fiscal 2020 earnings growth coupled with the stocks' "notable" price-to-earnings expansion over the past 12 months leaves an unfavorable stock risk/reward profile