BofA analyst Salvator Tiano lowered the firm’s price target on IFF (IFF) to $101 from $105 and keeps a Buy rating on the shares. IFF delivered “another earnings beat,” but guided to softer-than-expected 2025 EBITDA, the analyst tells investors. While the guidance of $2B-$2.15B was also lower than the firm’s initial $2.25B estimate, the underlying business continues to perform well and the shortfall was caused by worse-than-expected forex headwinds and, primarily, management’s decision to increase growth spending, the analyst added.
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