Citi analyst P.J. Juvekar yesterday afternoon downgraded IFF (IFF) to Neutral from Buy with a price target of $138, down from $155. The company paid a "full price" for DuPont's (DD) Nutrition & Biosciences unit given the competitive bidding process and is only just recovering from the "rough" Frutarom acquisition, Juvekar told investors in a research note. As such, he believes investors are likely to take a "show-me" approach towards IFF given the risk of a large deal and greater leverage. There's "significant deal risk" that will take almost a year to get through the approval processes, adds the analyst.