UPDATE: Morgan Stanley Raises PT on International Flavors & Fragrances to $70

Morgan Stanley is out with its report today on International Flavors & Fragrances

, raising its PT from $60 to $70. In a note to clients, Morgan Stanley writes, "Strong 1Q gives more conviction in the positive outlook. IFF is outperforming expectations for sales growth and margin resilience, supporting our Overweight call and increase in PT from $60 to $70." Shares of IFF closed Thursday at $63.93, up 0.35% from Wednesday's close.