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CSFB Cuts McCormick To Neutral

CSFB cut its investment recommendation on McCormick & Co. (MKC) to neutral from outperform on Wednesday, citing weakness in the cooking spice maker's industrial business.

Analyst David Nelson says he was disappointed in the company's announcement of another charge to improve efficiencies in its supply. He says the secondary reason for his profit warning was a distribution disruption at McCormick that was related to Katrina. Nelson cut his fiscal year 2005 (ending November) earnings per share estimate to $1.60 from $1.67, and his fiscal year 2006 estimate to $1.76 from $1.84. Meanwhile Nelson cut his long term growth model on the company to 6.5%, moving his price target to $34 from $38.

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