UPDATE: Berenberg Upgrades International Flavors & Fragrances (IFF) to Buy
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Berenberg analyst James Tagett upgraded International Flavors & Fragrances (NYSE: IFF) from Hold to Buy with a price target of $160.00 (from $139.00).
The analyst commented, "Following its transformational merger with Dupont’s Nutrition & Biosciences division, new IFF is an undervalued company, trading at a 25% discount to its new peer group. We believe the combination of the two businesses, with only partial revenue and cost synergy realisation, is worth USD160 per share, while full delivery of strategy would justify a USD200 per share valuation. Our interactions with senior ingredients and industry figures give us confidence that the balance of risk for strategic execution is skewed to the upside. We upgrade to Buy."
Shares of International Flavors & Fragrances closed at $136.43 yesterday.
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