UBS Raises Price Target on Int'l Flavors & Fragrances (IFF) Following Solid 2Q
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UBS reiterated a Neutral rating on International Flavors & Fragrances (NYSE: IFF), and raised the price target to $132.00 (from $118.00), following the company's 2Q earnings report.
Analyst John Roberts commented, "Conf. call at 10am ET (888-297-9017 #87960001). FX has been a major headwind, with ~80% of sales ex-U.S., and IFF hedges about a year forward. Adj. JunQ16 EPS up 8% YoY on 5% higher FX-neutral sales (including 3% from acquisitions). FX increased reported YoY sales growth by 3 percentage points, & op. income growth by 4 pct pts. IFF hedges currency about 12 months forward. While IFF expects local currency sales, operating profit and EPS to be up 4%, 6%, and 7.5% (at the midpoint), respectively, FX headwinds will reduce these targets to 2%, 3%, and 5.5%, respectively. This is an improvement from last guidance as FX headwinds are expected to be more modest (2% vs prior 3%). Guidance implies 2016E EPS of $5.49-$5.59 vs prior $5.43-$5.54. Our 2016/17/18 EPS estimates are up $0.05 to $5.55/$5.90/$6.40."
Shares of International Flavors & Fragrances closed at $132.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
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