Symrise target lifted by Berenberg to €112.50 - 'Hold'

Analyst keeps 'hold' rating but sees 'reasonable' upside potential

Berenberg has lifted its target price for Symrise to €112.50 from €109.00, but kept its 'hold' rating on the shares after the fragrance and flavors company reported “solid” first-quarter results.

Analyst Anette Heimlich said the first-quarter results were in line with expectations and that Symrise “continues to perform well in a challenging macro environment".

Berenberg sees upside

She added however that the target price increase reflected “reasonable upside potential” and that Symrise is a “mid-term beneficiary of market trends such as health and beauty and the continued recovery of the consumer sector”. She added that Symrise has a “strong balance sheet and sound free cash flow generation”.

Consensus for Symrise’s full-year EBIT is €873m, according to Refinitiv data, up from €824m reported in 2021.

Shares in Symrise are trading up 2.8% at €107.70 in early trade on Monday.