IFF price target lowered to $91 from $105 at Stifel

Stifel lowered the firm’s price target on IFF (IFF) to $91 from $105 and keeps a Buy rating on the shares. The firm reduced March quarter sales estimates for covered household personal products companies, largely reflecting modestly weaker volume trends through calendar Q1 and retailer inventory destocking. Across the group, the firm sees greater risk of volume pressure on more discretionary categories like beauty and less on household products, though it adds that heightened tradedown purchase in these segments is “a watch-point.”