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Fly News Breaks for June 8, 2018
IFF
Jun 8, 2018 | 08:43 EDT
Argus analyst John Staszak downgraded International Flavors to Hold from Buy citing the lofty acquisition price of Frutarom, which will not contribute to 2018 earnings and only modestly to 2019 earnings. Further, Staszak is concerned the company will overpay for growth following the announced plans to boost revenue by $500M to $1B in new acquisitions by end of 2020.