McCormick Analysts Cut Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
McCormick & Company reported Q3 sales of $1.684 billion, missing the analyst consensus estimate of $1.70 billion. The company reaffirmed FY23 revenue growth guidance of 5%-7% and raised FY23 adjusted EPS outlook to $2.62-$2.67 from $2.60-$2.65. Following the earnings announcement, B of A Securities and Stifel lowered their price targets on McCormick. McCormick shares fell 8.5% to close at $68.40 on Tuesday.
October 04, 2023 | 2:26 pm
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NEGATIVE IMPACT
McCormick's Q3 sales missed estimates, leading to a drop in share price and lowered price targets by B of A Securities and Stifel. However, the company raised its FY23 outlook.
McCormick's lower than expected Q3 sales led to a drop in its share price and lowered price targets by analysts. This negative sentiment could continue to pressure the stock in the short term. However, the company's raised FY23 outlook could provide some support.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100