IFF price target lowered to $125 from $130 at Credit Suisse

Credit Suisse analyst John Roberts lowered the firm’s price target on IFF to $125 from $130 and keeps an Outperform rating on the shares. The analyst has also updated his estimates post the earnings call, with 2023 EPS down 6% to $5.80 from $6.20 and 2024 EPS reduced 4% to $6.80 from $7.10. The revised estimates reflect more muted top-line growth impacted by destocking, slower demand as well as greater unfavorable currency impact. 20024E growth will be from a lower base, Roberts says.