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IFF · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is International Flavors & Fragrances Inc. (IFF) stock moving?
IFF reported a Q3 2026 beat on Nov 3: adjusted EPS of $0.83 vs $0.80 expected, sales of $1.942B vs $1.908B, and a raised low end for FY2026 sales guidance to $7.500B-$7.600B. Reported EPS was only $0.22 because of asset-sale impairments tied to the pending Food Ingredients divestiture, and the Nov 3 8-K describes one-time transaction incentive awards for executives tied to that sale closing. Despite the beat, the stock fell: it closed at 87.67 on Nov 4 (from 92.18 on Nov 3) on about 5.3M shares, roughly 1.8x the recent average, and kept sliding to 82.62 on Nov 6, the lowest close in the 30-day window. Shares closed at 83.17 on Nov 10, about 12% below the 94.63 close on Nov 2, and have held in a tight 82.30-84.43 range over the last three sessions. Analyst reaction is split: Citigroup (Buy, $105), Barclays (Overweight, $103), Mizuho ($102), JPMorgan ($95) and UBS (Neutral, $95) all sit above the current price, while BofA's Nov 6 downgrade to Underperform ($91) is the main negative. Management also lost an operations executive, Ralf Finzel, who moved to ADM, a minor item. The news does not state why the stock fell after the beat, so the post-earnings selloff is the key unresolved question, along with whether the Food Ingredients sale closes on schedule.
News behind the analysis
- Intl Flavors & Fragrances Raises FY2026 Sales Guidance from $7.400B-$7.600B to $7.500B-$7.600B vs $7.594B EstIFF raised the low end of its FY2026 sales guidance to $7.500B-$7.600B, slightly above the $7.594B consensus estimate.
- Intl Flavors & Fragrances Q3 Adj. EPS $0.83 Beats $0.80 Estimate, Sales $1.942B Beat $1.908B EstimateQ3 adjusted EPS of $0.83 and sales of $1.942B both beat analyst estimates.
- International Flavors & Fragrances Inc. Reports Q3 2026 Financial ResultsQ3 2026 revenue was $1.94B, up 3.9% year over year, while net income was hit by asset-sale impairments, leaving EPS at $0.22.
- Intl Flavors & Fragrances Q3 2026 Earnings Call TranscriptManagement discussed the third-quarter 2026 results on the Nov 4 earnings call; the transcript is published by Benzinga.
- Mizuho Securities Increases Price Target for International Flavors & Fragrances Inc.Mizuho raised its IFF price target to $102 from $92 after the Q3 report.
- JPMorgan Adjusts Price Target on International Flavors & Fragrances to $95 From $92JPMorgan raised its IFF price target to $95 from $92 following the Q3 results.
- Citigroup Maintains Buy on Intl Flavors & Fragrances, Raises Price Target to $105Citigroup kept its Buy rating and raised its IFF price target to $105.
- UBS Maintains Neutral on Intl Flavors & Fragrances, Raises Price Target to $95UBS kept a Neutral rating and raised its IFF price target to $95 from $91.
- BofA Downgrades International Flavors & Fragrances to UnderperformBank of America cut IFF from Buy to Underperform and lowered its price target to $91 from $95, the most negative call in the set.
- Barclays Maintains Overweight on Intl Flavors & Fragrances, Lowers Price Target to $103Barclays kept its Overweight rating but lowered its IFF price target to $103.
About International Flavors & Fragrances Inc.
International Flavors & Fragrances (IFF) is a New York-based company that makes flavors, fragrances, and ingredients for food, drink, personal care, household, and health product makers around the world. It is one of the biggest companies in its industry. In 2026 it agreed to sell its Food Ingredients business, keeping about a 10% stake and a board seat in the new company, which leaves IFF more focused on taste, scent, and health and biosciences.
How it makes money
IFF sells custom formulations and ingredients to consumer-goods companies, usually built into its customers' products. On a continuing-operations basis, its main units are Taste (flavors for food and drink, about $690M in Q3 2026 sales), Scent (fine fragrance, consumer fragrances for personal and home care, and fragrance ingredients), and Health & Biosciences (enzymes, cultures, probiotics). Without Food Ingredients, the company expects full-year 2026 sales of roughly $7.5–7.6 billion (approximate, per its updated guidance).
What usually moves IFF
- Consumer demand for packaged food, drinks, and personal and home care products
- Raw material and energy costs, and how quickly IFF can raise prices to match
- Progress on the Food Ingredients sale and paying down debt
- Currency moves and demand in emerging markets
- Share buybacks and progress on its turnaround under CEO Erik Fyrwald
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