IFF price target raised to $117 from $116 at Oppenheimer

Oppenheimer raised the firm’s price target on IFF to $117 from $116 and keeps an Outperform rating on the shares. The firm is tweaking its estimates higher following its investor meeting with IFF IR Michael Bender. Oppenheimer believes fundamentals support upside to the second half of 2024 estimates, as evidenced by its indicator of food at home volume, and IFF assuming no restock/recovery in its forecast. Given IFF’s limited order book visibility, the firm’s updated estimates leave upside as CPI/macro visibility improves into Q4. While sell-side support of IFF’s turnaround has improved in recent months, buy-side sentiment remains “show me,” Oppenheimer adds.