Citi upgraded IFF to Buy from Neutral with a price target of $100, up from $81. The analyst sees upside from potential carryover of improved volume levels in the second half of 2023 to 2024, the new CEO’s focus on sales execution and productivity improvements, and a potential turnaround story with the Functional Ingredients business. Most of the news flow is behind IFF with the dividend cut and Pharma business sale, and the company now has a “compelling pathway” towards volume recovery and deleveraging, which should drive outperformance for shares, the analyst tells investors in a research note.
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