UPDATE: J.P. Morgan Color On IFF EPS Projections

J.P. Morgan, which raised its PT on shares of International Flavors & Fragrances Inc. IFF.

J.P. Morgan has raised its 2011 EPS estimate from $3.60 to $3.75 “and we lifted our 2012 EPS forecast from $3.90 to $4.10.”

“Our initial 2013 EPS projection is $4.50,” J.P. Morgan writes. “We rate IFF Neutral. The shares are reasonably valued at the current price, in our view, trading at a 2011E EV/EBITDA multiple of 9.7x compared to 7-11x for its peers, and a 2012 EV/EBITDA multiple of 8.9x versus 6-10x for a peer group.

“Our price target is based on a 2011 P/E multiple of 16.0x versus a peer group range of 13-19x and an EV/EBITDA multiple of 10.1x versus a peer group of 7-11x.”

International Flavors & Fragrances Inc. closed Tuesday