Morgan Stanley upgraded IFF to Overweight from Equal Weight with a price target of $90, up from $81. The analyst thinks IFF’s downgrade cycle has come to an end alongside bottoming of the consumer cycle. The firm believes the company can deliver 14.8% adjusted EBITDA growth this year for 80% via internal, largely controllable drivers. Arguably, 2024 could still be partly a year of transition, yet investors will look through this with the stock “screening cheap,” the analyst tells investors in a research note.
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