Wells Fargo analyst Michael Sison raised his price target for International Flavors to $135 from $125. In a research note to investors, Sison says that while it appears Q4 could be an inflection point for organic growth with Frutarom stabilizing and the "improper payments issues" should not be a long term issue, shares are trading at a 2020E EV/E ~16.5x which he believes discounts current positives. He thinks a "firm" improvement in organic sales growth and margin improvement would be needed to drive further multiple expansion from current levels and keeps a Market Perform rating on the shares.