Related topics: Financial
International Flavors & Fragrances has been added to the financial market coverage of investment broker Stifel Nicolaus, which has started the ingredients company off with a 'buy' rating.
Stifel recommended that investors buy the shares at a price target of $49. The share prices are currently trading at approximately $43.30.
For the full year 2009, sales were stagnant in local currency terms to $2.3bn and down by 3 percent on a reported basis, while profits fell by 15 percent to $195.5m.
Breaking the figures down, the fragrance and beauty side of the business showed a marked under performance compared to other areas.
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