Wolfe Research raised its rating on International Flavors & Fragrances (NYSE:IFF) to Peer Perform from Underperform, saying the stock's risk-reward profile had improved.

The analysts said much of their prior bearish thesis had already played out, including a relative de-rating versus European peers and acknowledgment of market share losses. They added that long-term risks in food ingredients were now well understood by investors, making the shares less vulnerable to downside risks.

Wolfe said the stock now reflected a more symmetric risk-return balance, justifying the rating upgrade.