IFF price target raised to $87 from $81 at Stifel

Stifel raised the firm’s price target on IFF to $87 from $81 and keeps a Hold rating on the shares. The firm continues to think IFF should cut its dividend by 50% in conjunction with anticipated divestitures required to reduce leverage, and likely to be announced in 1Q24, the analyst tells investors in a research note. Anticipated divestitures add uncertainty related to prices paid, dilution, and potential disruption to unaffected businesses, and selling high-value assets could negatively impact longer-term sales growth and EBITDA margin, the firm says.