UBS maintained a Neutral rating on International Flavors & Fragrances (NYSE: IFF), and cut the price target to $129.00 (from $132.00), following the company's 3Q earnings report. IFF reported adjusted EPS of $1.38, ahead of consensus estimates of $1.41. Management guided to December Quarter EPS of ~$1.12, compared to estimates of $1.19.

Analyst John Roberts commented, "Conf. call at 10am ET (888-297-9017 #95473986). IFF had “anticipated performance to be muted given the timing of planned investments, yet results came in [even] softer than expected due principally due to unfavourable mix & higher manufacturing costs”. We’re trimming our DecQ EPS estimate from $1.19 to $1.16, & 2017 EPS from $5.90 to $5.85."

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Shares of International Flavors & Fragrances closed at $131.12 yesterday.