JPMorgan analyst Jeffrey Zekauskas downgraded IFF to Neutral from Overweight with a price target of $96, down from $125. The analyst thinks it will prove difficult for IFF to grow its sales and EBITDA in 2023 with volumes trending negatively into the new year, currency translation effects continuing to be a headwind, and interest rates rising. IFF seems to be trading close to fair value at the current price, Zekauskas tells investors in a research note.
previous post