IFF downgraded on fewer near-term catalysts at Morgan Stanley

Morgan Stanley downgraded IFF to Equal Weight from Overweight with an unchanged price target of $100. The analyst cites valuation for the downgrade with the shares reaching the price target. Consensus adjusted EBITDA estimates have moved to Morgan Stanley’s numbers and have surpassed the upper-end of IFF’s guidance, the analyst tells investors in a research note. The firm says IFF now has fewer material near-term catalysts.