UPDATE: Deutsche Bank Downgrades McCormick After 17 Years

In a report released Thursday morning, Deutsche Bank analyst Eric Katzman lowered McCormick (NYSE: MKC) from a Buy to Hold, with a price target of $66.

Katzmans elaborates on the downgrade, "in our view, and the shares now trade in line with the peer group average. Current valuation levels coupled with lower earnings growth profile will result into an inline sector performance as corporate bond yields increase in ‘14 and beyond."

MKC closed Wednesday at $65.30and is trading currently at $64.79.