Credit Suisse lowered the firm’s price target on IFF to $95 from $110 and keeps an Outperform rating on the shares. The firm notes the company reported June quarter Op. EBITDA of $510M, including $44M writedown of locust bean kernel inventory. Excluding write-down, Op. EBITDA was $554M vs. Credit Suisse and consensus of $545M/$562M. Primary weakness continued in Nourish. Overall volume declined low double-digits year-over-year, with declines in Nourish & Health/Biosciences partly offset by solid results in fragrances & pharma, Credit Suisse adds.
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Read More on IFF:
- International Flavors & Fragrances (NYSE:IFF) Plummets On Big Q2 Miss
- IFF downgraded to Hold from Buy at Stifel
- IFF cuts FY23 revenue view to $11.3B-$11.6 from $12.3B, consensus $12.15B
- IFF reports Q2 adjusted EPS 86c, consensus $1.10
- International Flavors options imply 6.8% move in share price post-earnings