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Givaudan: stock upbeat on broker upgrade

( - The share of the Swiss flavour and fragrance manufacturer Givaudan is the biggest winner in Zurich's SMI Index on Wednesday morning after the German broker Berenberg upgraded its rating on it to buy.

The share of the group based in Vernier, near Geneva, is currently up around 0.7% while the SMI is down 0.4%.

Berenberg announced this morning that it has upgraded its recommendation to "buy" (from "hold"), having raised its corresponding target price ftom 3650 Swiss francs to 4500 Swiss francs.

"Givaudan has performed better than we expected during the pandemic," the broker said.

Berenberg believes that this outperformance will continue, not least because of the company's environmental, social and governance (ESG) credentials.

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