Citi upgraded IFF to Buy from Neutral with a price target of $100, up from $81. The analyst sees upside from potential carryover of improved volume levels in the second half of 2023 to 2024, the new CEO’s focus on sales execution and productivity improvements, and a potential turnaround story with the Functional Ingredients business. Most of the news flow is behind IFF with the dividend cut and Pharma business sale, and the company now has a “compelling pathway” towards volume recovery and deleveraging, which should drive outperformance for shares, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IFF:
