IFF downgraded to Neutral from Buy at UBS

UBS downgraded IFF to Neutral from Buy with a price target of $78, down from $88. The firm sees less potential for IFF to re-rate in the medium term and sees shares as range bound with lower earnings vs. prior expectations, the analyst tells investors in a research note. Additionally, UBS sees a slower recovery in IFF’s markets and less price/cost benefits vs. prior assumptions.