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Fly News Breaks for December 10, 2019
Dec 10, 2019 | 05:07 EDT
Goldman Sachs analyst Adam Samuelson downgraded McCormick & Company to Sell from Neutral with an unchanged price target of $140. With the shares having substantially outperformed peers over the past two years, rallying 63% versus the peer group at 5%, and valuation at or near all-time highs on both an absolute and relative basis, McCormick's risk/reward "appears uncompelling absent a notable acceleration in underlying revenue growth which appears unlikely," Samuelson tells investors in a research note. Further, the analyst sees limited upside potential to consensus estimates.
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