IFF price target lowered to $120 from $140 at Baird

Baird analyst Ghansham Panjabi lowered the firm’s price target on IFF to $120 from $140 and keeps an Outperform rating on the shares. The analyst said he believes cash flow centric financial targets are going to be the key to reinvigorate investor confidence at IFF, noting that while volumes are moderating across portions of the portfolio, the end-market matrix remains defensive; with considerable potential intrinsic to IFF, assuming productivity extraction aspirations are followed through via commensurate execution.