J.P. Morgan Ups PT On IFF To $65

J.P. Morgan has raised its price target on International Flavors & Fragrances IFF from $60 to $65 following strong results in the 1Q. According to J.P. Morgan, “We raised our 2011 EPS estimate from $3.75 to $3.90 to reflect the higher than expected 1Q results. We also lifted our organic sales growth forecast from 3% to 6% to reflect growth from new business wins. New business wins represented 80% of the 9% organic growth in 1Q:11 including fine fragrances in Europe and Latin America, beverages in North America, natural flavors in Europe, and textile care in Greater Asia. We forecast 2Q local currency growth at a slower 2-3% pace reflecting more difficult comparisons. We raised our 2012 EPS forecast from $4.10 to $4.30 to reflect growth from a higher base. Our initial 2013 EPS projection is $4.70 versus $4.50 previously.” J.P. Morgan remains at a Neutral rating on the stock. IFF closed at $65.24 yesterday.