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Jefferies says this flavors and fragrances producer can rally 40%

admin by admin
January 12, 2024
in Business
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Jefferies says this flavors and fragrances producer can rally 40%
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A brand new CEO for cosmetics and flavors ingredient firm Worldwide Flavors & Fragrances is a constructive catalyst — and now is an ideal time for traders to purchase the inventory, in response to Jeffries. The agency upgraded IFF shares to purchase from maintain after IFF introduced the CEO change on Thursday , efficient Feb. 6. Jefferies additionally raised its value goal on the inventory by 53%, to $112 from $73, implying shares might surge 40% from Thursday’s shut. “The CEO change, in our view, lastly positions IFF for a number of years of sustainable structural enchancment,” analyst Laurence Alexander wrote in a Friday notice. “The This fall pre-release suggests operations are on observe: the prospect of a contemporary strategic imaginative and prescient ought to assist slender the broad valuation low cost with friends.” IFF is subsequent scheduled to report earnings on Feb. 14. Its shares are at present buying and selling 32% decrease than its European opponents and 12% under its five-year common, the Jefferies analyst famous. Alexander believes IFF’s elements section is well-positioned to profit from a restocking cycle that would stretch into 2026. Whereas the corporate struggled with the speedy rise in rates of interest that led to “uncommon stock destocking,” Alexander forecasts “smoother progress” as elements tendencies normalize. “IFF is a world chief in offering elements and options to the recession-resistant meals & beverage, house & private care and well being & wellness markets. Their complementary product portfolios gave the mixed firm management positions (#1 or #2) throughout the important thing style, texture, scent, vitamin, enzymes, cultures, soy proteins and probiotics classes,” the analyst mentioned. IFF shares briefly jumped 4.5% throughout early buying and selling Friday earlier than giving again nearly all of the acquire. — CNBC’s Michael Bloom contributed to this report.



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