Jefferies has reaffirmed its 'underperform' rating on Givaudan, with a price target raised from CHF 2,800 to 3,000, considering that while 'the stars are currently aligned on achieving growth and margins', valuation reflects this.

With the fragrances and flavors group due to publish its half-year results on July 23, the broker forecasts organic sales growth of +14.7% for the second quarter (vs. 9.5% consensus), and an underlying EBITDA margin of 24.4% for the half-year.

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