JPMorgan analyst Jeffrey Zekauskas raised his price target for International Flavors & Fragrances to $140 from $125 and keeps an Overweight rating on the shares. The indicated that its investigation into improprieties at Frutarom is substantially complete and that improper payments involved less than 1% of its consolidated sales, Zekauskas tells investors in a research note. The analyst believes concerns over the magnitude of the improprieties were part of the logic behind the large short position built in International Flavors shares. Unwinding of the short position is not finished given yesterday's trading volume relative to the size of the short position, meaning there is room for the shares to trade higher in the coming weeks, says Zekauskas.