IFF price target lowered to $82 from $102 at BofA

BofA analyst Matthew DeYoe lowered the firm’s price target on IFF to $82 from $102 and keeps a Neutral rating on the shares after a miss in Q2 and cut to the company’s full year EBITDA outlook. While the market was “increasingly pricing in a cut given earnings revisions at peers, but this steep of a revision was not expected,” the analyst tells investors. BofA is cutting its 2023 and 2024 EBITDA estimates and argues that a valuation discount to peers and consumer products customers “feels prudent until a more certain path to execution and credit support emerges.”