Argus Upgrades International Flavors & Fragrances (IFF) to Buy

Argus analyst John Eade upgraded International Flavors & Fragrances (NYSE: IFF) from Hold to Buy with a price target of $85.00.

The analyst comments "Our rating on International Flavors & Fragrances Inc. (NYSE: IFF) is now BUY. IFF is a developer and manufacturer of commercial flavors and fragrances. We have a favorable view of the company's innovative products and expect synergies and cross-selling opportunities from recent acquisitions. The company's growth trajectory has recently been negatively impacted by higher costs for raw materials and transportation, supply-chain disruptions, volume slowdowns and geopolitical developments. However, we look for EPS to resume a growth path in 2024. The yield is an attractive 4.3%. We believe that the current low multiples on the IFF shares inadequately reflect the company's near-term growth prospects and that a BUY rating is now appropriate. Our target price is $85."

For an analyst ratings summary and ratings history on International Flavors & Fragrances click here. For more ratings news on International Flavors & Fragrances click here.

Shares of International Flavors & Fragrances closed at $74.84 yesterday.

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