Following Bloomberg's report yesterday that International Flavors & Fragrances (IFF) is one of the bidders for DuPont's (DD) nutrition division, Stifel analyst Mark Astrachan said he understands if investors question if management has "earned' the right to make a sizable acquisition after Frutarom's underperformance. However, he believes buying the business would put IF&F at a strategic advantage compared peers, while not being the buyer "would similarly disadvantage the company," Astrachan tells investors. Such a deal would make International Flavors the largest global specialty ingredients company and allow it to offer a more complete product suite to a broader customer base, said Astrachan. He raised his price target on IF&F shares to $135 from $125 to reflect a higher multiple given the favorable strategic merits of the talked-about deal, though the analyst said he would likely revisit his price target should such a deal not be completed. Astrachan keeps a Hold rating on International Flavors shares.