UBS has raised its recommendation on Givaudan from 'sell' to 'neutral', with a target price raised from 3,200 to 3,900 Swiss francs, a new target broadly in line with the Swiss flavors and fragrances supplier's share price.

Although the valuation multiple remains high compared with the historical average, the upside potential for consensus estimates limits the risk of devaluation of the stock", the broker judges in the summary of its note.

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