Mizuho Securities Starts International Flavors & Fragrances (IFF) at Neutral
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Mizuho Securities analyst Christopher Parkinson initiates coverage on International Flavors & Fragrances (NYSE: IFF) with a Neutral rating and a price target of $154.00.
The analyst commented, "We initiate coverage of IFF with a Neutral rating and $154 price target. Our price target is based on ~15.8x our 2023 EBITDA estimate of $3.13bln. Post the DuPont Nutrition & Biosciences (“N&B”) transaction, IFF’s broad product offering, unmatched scale (by end-market), and strong R&D pipeline should sustain market outperformance over the long-term. We’re incredibly bullish on the combined platform’s prospects given its product strength and R&D capabilities, but given the YTD rally and uncertainty regarding CEO Andreas Fibig’s retirement at the beginning of a massive, multi-year integration, we prefer greater clarity prior to becoming more bullish on the stock"
Shares of International Flavors & Fragrances closed at $140.00 yesterday.
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