TD Cowen analyst Robert Moskow downgraded McCormick & Company (NYSE: MKC) from Buy to Hold with a price target of $55.00 (from $60.00).

The analyst comments "We downgrade McCormick to Hold and lower our PT to $55. While we maintain a positive view on the strategic rationale for McCormick's merger with UL Foods, we expect the combined business to struggle to achieve the 2-4% organic growth rate management initially estimated owing to weak execution in their US retail businesses and a choppy backdrop in U.S. Food Service and Flavors."

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Shares of McCormick & Company closed at $51.32 yesterday.