IFF price target lowered to $104 from $114 at Oppenheimer

Oppenheimer lowered the firm’s price target on IFF (IFF) to $104 from $114 and keeps an Outperform rating on the shares. The firm views IFF’s 5.2% sell-off Wednesday as overdone, with the moving pieces on the guidance requiring a bit of digestion. While the Pharma sale was widely communicated, the F/X headwinds to EBITDA were a bit higher than expected, contributing to the shortfall vs. Street. That said, Oppenheimer believes the underlying fundamentals of the business under the new leadership team are encouraging and focused on areas that it thinks position IFF to not only maintain, but potentially expand its market share over time.