IFF price target lowered to $92 from $99 at Berenberg

Berenberg lowered the firm’s price target on IFF (IFF) to $92 from $99 and keeps a Hold rating on the shares. The firm surveyed 100 experts across manufacturers and retailers to understand innovation rates in 2024 and the outlook for 2025. The survey suggests innovation launches will accelerate in 2025, with increasing promotional activity supporting end-market volume growth, the analyst tells investors in a research note. Berenberg believes this backdrop is most positive for the beauty, personal care, and ready-to-drink beverages categories. With 50% exposure to these categories, Givaudan is the best positioned of the stocks to benefit from this growth in 2025, it contends.