Citi Upgrades International Flavors & Fragrances (IFF) to Buy 'on Industry Recovery and Compelling Turnaround Story'

Citi analyst Pat Cunningham upgraded International Flavors & Fragrances (NYSE: IFF) from Neutral to Buy with a price target of $100.00 (from $81.00).

The analyst comments "We move IFF to Buy from Neutral as we see upside from potential carry over of improved volume levels in 2H23 to FY24, the new CEO’s intense focus on sales execution & productivity improvements, and a potential turnaround story with the Functional Ingredients business. Most of the news flow is behind IFF (dividend cut, Pharma business sale), and we see a compelling pathway towards volume recovery and deleveraging, which should drive performance for shares."

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 $86.38 yesterday.

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