Frutarom Upgraded To Buy From Neutral At UBS
TEL AVIV -- Frutarom , the Haifa, Israel, producer of flavors and fragrances, was upgraded to buy from neutral at UBS, where analysts Thomas Gilbert and Roni Biron boosted their 12-month price target to 45 shekels from 32 shekels (to $11.99 from $8.53). "Due to a niche position in the flavors market and a focused growth-orientated management, Frutarom has above-average growth potential from here. At current valuations ... this potential is greatly underappreciated," the analysts wrote in a report dated Wednesday. The company's private-label business is gaining market share; Frutarom provides quality service to small and mid-size foods producers; and it has room to grow in emerging markets, the analysts wrote. In addition, "management has an impressive track record of delivering" on acquisitions, they wrote. Acquisitions from 2009 through 2013 should add 14% a year to revenue, the UBS analysts wrote.
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