International Flavors & Fragrances Analysts Cut Their Forecasts After Downbeat Q2 Results

International Flavors & Fragrances Inc. IFF reported worse-than-expected second-quarter results and issued a reduced FY23 outlook.

Revenue of $2.93 billion, flat Y/Y, missed the consensus of $3.11 billion. Adjusted EPS of $0.86 missed the street view of $1.10.

The company lowered guidance for sales to $11.3 billion-$11.6 billion (vs. consensus $12.15 billion) from around $12.3 billion prior and adjusted operating EBITDA to $1.85 billion-$2.0 billion from about $2.34 billion earlier.

International Flavors & Fragrances shares fell 21.6% to $63.00 in pre-market trading.

These analysts made changes to their price targets on International Flavors & Fragrances following earnings announcement.

• Stifel cut the price target on International Flavors & Fragrances from $123 to $85. Stifel analyst Mark Astrachan downgraded the stock from Buy to Hold.
• Credit Suisse lowered the price target on International Flavors & Fragrances from $110 to $95. Credit Suisse analyst John Roberts maintained an Outperform rating.

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