IFF price target lowered to $120 from $125 at Credit Suisse

Credit Suisse analyst John Roberts lowered the firm’s price target on IFF to $120 from $125 and keeps an Outperform rating on the shares following quarterly results. While volumes were weak in December-quarter, margins appear to be the issue in 2023 given solid +6% organic sales guide. In the firm’s view, the shortfall is disappointing following the recent investor day, and believes CEO is still interim head for largest segment.