Strong Trends Expected To Continue For International Flavors & Fragrances

In a report published Friday, Stifel analyst Mark Astrachan reiterated a Buy rating on

, and raised the price target from $115.00 to $127.00. In the report, Stifel noted, "Yesterday, International Flavors & Fragrances reported stronger-than-anticipated 4Q14 sales growth and EPS. Accelerating sales growth, up 4% (7% including a 200bps benefit from an extra week and a 100bps benefit from an acquisition), was most notable given difficult comparisons and the softer macro environment." The report continued, "The resulting meaningful acceleration of the 2- and 3-year sales CAGRs in 4Q14 and company commentary that 1Q15 trends to-date are strong indicates IFF has accelerated share gains of the global flavors and fragrances ingredients category. We anticipate strong trends will continue, aided by increasingly favorable y/y comparisons, which is consistent with first-time 2015 company guidance reiterating local currency sales and operating profit growth inline with long-term targets (4-6% and 7-9%, respectively)." International Flavors & Fragrances closed on Thursday at $114.77.