McCORMICK REPORTS 2022 FINANCIAL RESULTS AND PROVIDES 2023 OUTLOOK

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Bernstein upgrades McCormick (MKC) to Outperform; '2023 should be much more tasty'

January 27, 2023 7:37 AM EST

Bernstein upgraded McCormick & Co. (NYSE: MKC) to an Outperform rating (From market-perform) with a price target of $90.00 based on a recovery in fundamental performance over the course of 2023. The company remains the strongest in UBS coverage over the longer term, and valuation looks relatively attractive, even given the tempered outlook for 2023.

McCormick reported 4Q revenues of $1,696m, -4.0% below consensus estimates. The adjusted gross margin of 36.8% was -225bp below consensus and down -410bp YoY. Adjusted... More