UPDATE: JP Morgan Downgrades International Flavors & Fragrances to Neutral; PT Reached

JP Morgan lowered its rating on International Flavors & Fragrances IFF from Overweight to Neutral but raised its price target rom $60 to $65. JP Morgan commented, "IFF is a well-managed company with excellent returns that has reached our December 2012 price target of $60. Accordingly, we reduced our rating for IFF from Overweight to Neutral. IFF's 2Q:12 results seem outsized as consolidated sales improved by $6M yoy and operating profits grew $10M yoy. Higher selling prices (+2.8%) more than offset 5% raw material cost inflation. Restructuring savings and productivity improvements probably contributed to these results." International Flavors & Fragrances closed at $62.01 on Wednesday.