International Flavors & Fragrances falls after BofA downgrades rating

International Flavors & Fragrances

Yesterday 18:00

** Shares of food ingredients maker International Flavors & Fragrances IFF.N fall 3.5% to $83.31 in afternoon trading
** BofA downgrades rating on IFF to "underperform" from "buy"
** Brokerage expects co's organic sales and EBITDA growth to slow down as softer health trends and higher inflation to weigh on IFF's operating leverage
** BofA says health sales soften in Q3 on weaker consumer spending on dietary supplements and probiotics
** Brokerage also cuts price target to $91, which is still ~5.4% above the stock's last close
** 14 of 21 brokerages rate the stock "buy" or higher, six "hold" and one "sell"; their median PT is $100, according to data compiled by LSEG
** Including session's move, IFF up ~23.8% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))