Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, August 11, 2023

Article Excerpt

INTERNATIONAL FLAVORS & FRAGRANCES INC., $64.27, New York symbol IFF, remains a buy for long-term gains. The company makes chemical compounds that improve the taste of food and the smell of consumer products. On February 1, 2021, IFF merged with the nutrition and biosciences business of DuPont (New York symbol DD). At the time of the merger, DuPont shareholders owned 55.4% of the combined company, with IFF shareholders holding the rest. The stock fell 20% this week after the company reported weaker-than-expected second quarter results. It also cut its outlook for all of 2023. IFF’s sales in the three months ended June 30, 2023, fell 11.4%, to $2.93 billion from $3.31 billion a year earlier. That missed the consensus forecast of $3.11 billion. If you adjust for businesses it bought and sold, as well as foreign currency rates, sales fell 4%. In response to rising operating costs, IFF has raised its selling prices. However, volumes remain soft as its customers use up their existing inventories instead…