Sensient upgraded to Outperform from Neutral at Baird

Baird upgraded Sensient Technologies to Outperform from Neutral with an unchanged price target of $70. The analyst cites valuation for the upgrade with the shares down 26% year-to-date. Sensient is a niche player in the “deep-moated” ingredients and additives industry, which is characterized by defensive end markets with pricing power, the analyst tells investors in a research note. The firm says volume optics in 2024 are likely to improve as the impact of destocking fades, along with a directional improvement in customer promotional activity.