International Flavors & Fragrances (IFF) PT Raised to $117 at Oppenheimer

Oppenheimer analyst Kristen Owen raised the price target on International Flavors & Fragrances (NYSE: IFF) to $117.00 (from $116.00) while maintaining a Outperform rating.

The analyst comments "We are tweaking our estimates higher and lifting our PT to $117 from $116 following our investor meeting with IFF IR Michael Bender. We believe fundamentals support upside to 2H24 estimates, as evidenced by our indicator of food at home volume (pg. 3), and IFF assuming no restock/recovery in its forecast. Given IFF's limited order book visibility (‾1 mos out), our updated estimates leave upside as CPI/macro visibility improves into 4Q. While sell-side support of IFF's turnaround has improved in recent months, buy-side sentiment remains “show me.” We believe a bit of help from the macro, combined with continued execution delivering their stated objectives, and getting back to basics on innovation and customer mindshare can drive IFF back to its MSD growth algorithm. Maintain Outperform."

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