Berenberg analyst James Targett downgraded International Flavors & Fragrances to Hold from Buy and lowered his price target for the shares to $133 from $155. While the company is making good progress on margin expansion, it sales growth continues to deteriorate below that of peers, Targett tells investors in a research note. He believes International Flavors has taken the right long-term steps to accelerate growth, but admits the "translation into superior growth will take longer." The analyst believes the upside to his price target is not enough "to reflect uncertainties."