McCormick stock slips as JP Morgan cuts earnings estimates

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McCormick & Company (NYSE:MKC) stock slid on Thursday after JP Morgan moved its earnings estimates lower.

Ahead of an expected quarterly earnings update in late January, equity analyst Ken Goldman cut his full-year EPS forecast to $2.82 from $2.88. Additionally, the team now expects full-year 2024 EPS to tick in at $3.09 from a prior $3.15, citing higher net interest expense now factored into their models. Consensus estimates stand at $2.90 and $3.15, respectively.

Goldman maintained a Sell-equivalent rating and assigned a $66 price target to the stock. Goldman’s updated model comes only a day after Goldman Sachs analyst Adam Samuelson also trimmed estimates and lowered his price target on McCormick (MKC) to $65 from $66 while maintaining a Sell rating.

Shares of the spice and sauce maker fell over 3% in afternoon trading on Thursday.

Dig into earnings estimates for the company.