On Friday, Deutsche Bank maintained a positive outlook on Symrise AG (SY1:GR) (OTC: SYIEY) shares, a global supplier of fragrances, flavorings, cosmetic active ingredients, and raw materials, by raising its price target from €120.00 to €125.00. The firm reiterated its Buy rating on the stock.
The decision comes after a series of meetings with Symrise's Chief Financial Officer at Deutsche Bank’s European Champions Conference on May 27 and subsequent discussions at a Consumer Conference the previous week. These meetings reinforced the confidence in the Buy rating initially upgraded in a feedback note post-conference.
The analyst at Deutsche Bank highlighted several incremental points from the recent meetings that bolstered their stance. Among these were details that underscored the reasons for the Buy recommendation, as well as modest earnings per share (EPS) upgrades. These adjustments reflect the confirmation of strong current trading conditions for Symrise.
Symrise AG has been performing robustly, as indicated by the analyst's remarks and the increased price target. The company's consistent trading strength was a key factor in prompting the revised target price.
Deutsche Bank's revised price target of €125.00 for Symrise AG aligns with the company's strong trading performance and the optimism following high-level meetings with company executives. The financial institution's analysis suggests sustained confidence in the growth and financial health of Symrise AG.
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