Deutsche Bank downgraded International Flavors & Fragrances (NYSE: IFF) from Buy to Hold with a price target of $115.00 (from $126.00). Analyst Faiza Alwy sees balanced risk/reward.

"We believe in IFF's long-term growth story driven by emerging markets ("EM") middle class development, however, short-term fundamentals are worse than expected against a weak global macro backdrop with declining EM volume growth. Additionally, we believe company is losing share, CPG customers' cost-cutting efforts are hurting sales in short-term and the company is more exposed to slower growth categories where price over volume is being emphasized. We recognize the company's high ROIC and strong balance sheet with potential for M&A upside, we see balanced risk/reward at current levels," said Alwy.

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 $115.33 yesterday.