McCormick (NYSE:MKC) stock is extra spicy on Tuesday after the seasonings company got a double upgrade from Bank of America analyst Peter Galbo.
This saw the Bank of America analyst increase shares of MKC stock from an “underperform” rating to a “buy” rating. That’s bullish next to the analyst consensus rating of “hold,” which is based on 10 opinions.
To go along with that double upgrade, Galbo also increased the firm’s price target for MKC stock from $75 per share to $100 per share. That represents a potential 12.6% upside for the stock. To add further context to this price target, the analyst consensus price target for MKC stock is $82.60.
What’s Behind the Bull Rating for MKC Stock?
Here’s what the Bank of America analyst said about McCormick in a letter to clients obtained by CNBC:
“Across our coverage universe, investors are focused on the transition from price led sales growth to volume led. In our view, MKC holds potential to be a ‘winner’ in this debate […] We expect potential for positive estimates revisions and a market bias for consumer ‘growth’ stocks could drive valuation back to its historical mid-30′s P/E over the next 12 months.”
As for today’s stock movement, some 553,000 shares have changed hands as of this writing. That’s still below its daily average trading volume of about 1.5 million shares. Even so, MKC stock is up 2.4% as of Tuesday morning.
Investors seeking out even more of the most recent stock market news are going to want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.