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MKC

McCormick

$92.38

0.08 (0.09%)

08:18
11/29/16
11/29
08:18
11/29/16
08:18

McCormick to acquire Enrico Giotti SpA for $127M

McCormick & Company announced that it has agreed to acquire 100% of the shares of Enrico Giotti SpA, a leading Italian flavor manufacturer located in Florence, Italy. McCormick plans to acquire the business for a cash payment of approximately $127M subject to certain closing adjustments. The transaction multiple is expected to be approximately 12 times EBITDA. McCormick expects to complete this transaction in December 2016.

MKC McCormick
$92.38

0.08 (0.09%)

09/16/16
BERN
09/16/16
DOWNGRADE
BERN
Market Perform
McCormick downgraded on valuation at Bernstein
As noted earlier, Bernstein downgraded McCormick to Market Perform from Outperform. Analyst Alexia Howard downgraded the stock based on valuation. Target to $104 from $113.
09/16/16
09/16/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 21st Century Fox (FOX, FOXA) downgraded to Market Perform from Outperform at Bernstein with analyst Jason Park citing a reduction in his estimates for the company's Star India business. 2. Wells Fargo (WFC) downgraded to Underweight from Neutral at Atlantic Equities. 3. Citi (C) downgraded to Neutral from Buy at Goldman with analyst Richard Ramsden saying Citi's expected earnings inflection has failed to materialize and ROEs are at 7.7%, well below management's 10% target. 4. McCormick (MKC) downgraded to Market Perform from Outperform at Bernstein with analyst Alexia Howard citing valuation. 5. Novavax (NVAX) downgraded to Neutral from Overweight at Piper Jaffray, to Neutral from Overweight at JPMorgan, to Neutral from Buy at Ladenburg, to Neutral from Outperform at Wedbush, and to Neutral from Buy at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/25/16
FBCO
10/25/16
UPGRADE
Target $111
FBCO
Outperform
McCormick upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Robert Moskow upgraded McCormick to Outperform and maintained its $111 price target saying the recent selloff in shares provides an opportunity for investors to capitalize on structural demand growth in the spices and seasonings category. He believes McCormick is poised for positive ratings revisions based on U.S. market share acceleration driven by strong retailer relationships and product innovation, Millennia's cooking more meals from scratch, gross margin expansion, and potential accretive M&A,
10/25/16
10/25/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Time Warner (TWX) upgraded to Outperform from Neutral at Wedbush with analyst James Dix saying he expects the acquisition by AT&T (T) to go through. 2. McCormick (MKC) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Moskow saying the recent selloff in shares provides an opportunity for investors to capitalize on structural demand growth in the spices and seasonings category. 3. Swift Transportation (SWFT) upgraded to Buy from Neutral at UBS with analyst Thomas Wadewitz saying the company's third quarter results showed "solid execution." 4. Chesapeake (CHK) upgraded to Equal Weight from Underweight at Stephens and to Sector Perform from Underperform at RBC Capital. 5. Agnico Eagle (AEM) upgraded to Outperform from Market Perform at Raymond James with analyst Phil Russo citing the recent pullback in shares and operational performance year-to-date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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FDEF

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EPIX

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RBB

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