Stifel lowered the firm’s price target on IFF to $80 from $87 and keeps a Hold rating on the shares. While the company reported in-line Q4 results, its FY24 sales and adjusted EBITDA were guided below the consensus at the midpoint, the analyst tells investors. The FY24 guidance may be conservative, but there is limited visibility on the timing of a consumer volume recovery and potentially significant asset sales, the firm adds. Overall, Stifel anticipates IFF shares to underperform.
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