Analyst Lisa De Neve of Morgan Stanley maintained a Hold rating on Croda International, with a price target of p3,030.00.
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Lisa De Neve has given his Hold rating due to a combination of factors, balancing improving fundamentals with a fairly full valuation. She expects a solid recovery in free cash flow as capital spending normalises and the efficiency programme ramps up, while end-markets such as Beauty and Crop Protection gradually improve and support steadier volume growth and margin resilience.
At the same time, Croda’s growth and EPS trajectory is viewed as mid-range versus key ingredients peers, with forecasts still needing a small downgrade relative to consensus. Although the balance sheet is strong and there is meaningful optionality for share buybacks and higher cash returns, these potential catalysts are not yet reflected in her base case, leading her to see only limited upside from current levels and to maintain a Hold stance.