Argus upgrades IFF to Buy, sees earnings resuming growth path in 2024

As previously reported, Argus upgraded IFF to Buy from Hold with an $85 price target. The company’s growth trajectory has recently been negatively impacted by higher costs for raw materials and transportation, supply-chain disruptions, volume slowdowns and geopolitical developments, but its earnings are expected to resume a growth path in 2024, the analyst tells investors in a research note. IFF also offers an “attractive” 4.3% dividend yield, and the stock’s current low multiples inadequately reflects the company’s near-term growth prospects, Argus added.