Givaudan: shares slightly up after broker upgrade

(CercleFinance.com) - Givaudan shares are up 0.
6% in early afternoon trading on Tuesday, one of the few risers on Switzerland's blue-chip SMI index, after Liberum upgraded its rating on the world's biggest fragrance and flavours maker.

This morning British broker Liberum recommended investors "buy" the share, from a previous "hold" rating, with an increased target price of 3,588 Swiss francs from 2,184 Swiss francs before, saying that people still need to eat and clean, and feed pets during the lock-down.

In a note to clients, Liberum said it expects Givaudan to grow revenues in the first half of 2020 as strong food, hygiene and homecare demand from pantry-hoarding offsets lower demand from areas impacted by confinement, such as catering and fine fragrances.

Over the full year the broker said it expects organic sales growth of about 4%.

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