2023-03-10 08:57:21 ET
McCormick & Company ( NYSE: MKC ) was started at Sell by UBS due to valuation and potential for a post-COVID pullback.
Equity analyst Cody Ross told clients that the company has a tough road ahead, balancing market share gains against profits. Execution of price increases is expected to grow increasingly difficult in 2023. Additionally, an inflation of demand amidst the pandemic is likely to continue to die down.
Ross started coverage of the stock at Sell with a $71 price target. Shares of the Maryland-based spice giant slid 0.7% on light volume in premarket hours on Friday.
Read more on reported pushback the company is receiving for its continued price increases .
For further details see:
UBS initiates McCormick & Company at Sell