IFF downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Adam Samuelson downgraded IFF to Neutral from Buy with a price target of $78, down from $120. Following the company’s weaker Q2 results and a “considerably more significant” cut to 2023E EBITD guidance than expected, the analyst sees IFF’s path to achieving the medium-term EBITDA targets laid out at its December 2022 investor day as “increasingly difficult.” The company now has a longer road to a turnaround, which is pressured by leverage, the analyst tells investors in a research note.