The higher price target reflects the stock's recent run, but the firm maintained its "hold" rating as it believes shares are appropriately valued.
The new price target comes after Jefferies hosted a consumer conference in Nantucket recently.
"Common themes included: 1) a continued weak consumer environment in the U.S.; 2) M&A remaining a focus; and 3) soft commodity inflation," the firm wrote in an analyst note.
Jefferies' top picks are Hain Celestial (HAIN), WhiteWave (WWAV), Snyder's-Lance (LNCE) and Dean Foods (DF).
Shares of McCormick closed at $101.57 on Friday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, expanding profit margins, growth in earnings per share and increase in net income.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MKC