UPDATE: Stifel Nicolaus Raised PT to $78 on International Flavors & Fragrances

Stifel Nicolaus maintained Internationa Flavors & Fragrances

with a Buy rating and raised the price target from $75.00 to $78.00. Stifel Nicolaus commented, "We anticipate continued solid sales and operating profit growth in 2013 (at least inline with long-term targets (4%-6% sales growth, 7%-9% operating profit growth, and 10%+ EPS growth), given favorable y/y comparisons, share gains, continued solid global consumer volume growth, especially in developing markets (47% of sales), and a favorable pipeline of new product wins. Longer-term, we believe the increasing reliance of CPG companies on outside vendors to drive innovation will result in continued solid sales growth for IFF and the flavors and fragrances category broadly." International Flavors & Fragrances closed at $72.66 on Thursday.