JPMorgan maintained an Overweight rating on McCormick & Company, lowering its price target to $63 from $64 as part of a Q2 earnings preview. The firm noted that the company reiterating its annual guidance seems well-telegraphed. Separately, UBS analyst Peter Grom cut his price target to $51 from $53 while keeping a Neutral rating, citing updated expectations across the food sector to reflect demand trends and inflation. Reuters reported on May 29 that activist hedge fund Toms Capital Investment Management had built a significant stake in McCormick during the second quarter after the company announced its planned acquisition of Unilever's food business.
McCormick & Company IncorporatedJPMorgan maintains Overweight but lowers price target; UBS cuts target; activist stake built after acquisition announcement.
Unilever PLCMcCormick's planned acquisition of Unilever's food business is mentioned as context for activist stake, but no direct impact on Unilever.
Unilever PLC