Next cycle in ingredient makers sector belongs to biotech, Jefferies says

Kerry

01/09/2026 10:37

** Jefferies says the next cycle for European ingredient makers belongs to biotechnology, naming the Novo Nordisk Foundation-controlled Novonesis NSISb.CO, DSM-Firmenich DSFIR.AS and Kerry KYGa.I as its top choices in the sector
** It upgrades Symrise SY1G.DE  to "buy" from "hold", and says the German fragrance maker's pet food unit is inflecting alongside exposure to improving food end markets
** The broker increases its PT for Symrise by 38% to €110, adding that "the next phase of outperformance will be driven by biotechnology" rather than premiumisation alone
** It cuts Swiss flavour maker Givaudan GIVN.S to "hold" from "buy", as it cites opportunity costs, fading Fine Fragrance premiumisation
** Jefferies cuts its PT by 18% to CHF 3,030, noting that while Givaudan remains the highest-quality franchise, peers now offer stronger category exposure
     

(Reporting by Maria Rugamer and Konrad Cüpper)
((Maria.rugamer@thomsonreuters.com))