Citi analyst P.J. Juvekar raised the firm’s price target on IFF to $114 from $100 and keeps a Neutral rating on the shares. Juvekar says that while there is an inclination to go back to cyclical chemical names after having lagged in 2022, he has decided to "stay defensive" going into 2023. He believes the impact of higher rates and uncertainty of the China reopening situation is likely to continue to impact the industry. "A faster China recovery would push us towards cyclicals," Juvekar tells investors in a research note. He recommends focusing on defensive names and believes it is too early to jump into commodities.
Published first on TheFly
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Read More on IFF:
- IFF price target raised to $89 from $83 at Barclays
- IFF price target raised to $123 from $105 at Wells Fargo
- IFF intends to reduce size of board to 10 from 14 directors
- IFF expects to announce three non-core divestitures by end of 1Q23
- IFF expects mid-single digit adjusted operating EBITDA growth in FY23