IFF downgraded to Hold at Societe Generale with ‘no turnaround in sight’

As previously reported, Societe Generale analyst Thomas Swoboda downgraded IFF to Hold from Buy with a price target of $80, down from $145, following the company’s “disappointing” Q2 results. The acquisitions of Frutarom in 2018 and DuPont Nutrition & Biosciences in 2021, instead of improving the portfolio and accelerating growth, have resulted in multiple headwinds and hopes that the new management team would deliver a quick turnaround “have not panned out,” says the analyst, who sees “no turnaround in sight.”