IFF downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Kristen Owen downgraded IFF (IFF) to Perform from Outperform and removed the firm’s $89 price target While Q2 offered all the catalysts needed for the stock to work, the firm was reminded that “the cycle does, in fact, always win.” Oppenheimer remains constructive on the recovery strategy under the new leadership team. However, the moderated second half of the year outlook and drag from Health headwinds extending into 2026 have led Oppenheimer to make healthy cuts to its forward estimates. And with fewer discrete catalysts to propel shares, the firm is left relying on estimate revisions to drive valuation. Based on its updated outlook and multiple compression among F&F peers, Oppenheimer sees shares priced for balanced risk/reward, and looks for a positive estimate inflection as a catalyst for resuming its constructive stance.