DB sees Symrise 'earnings momentum turning a corner,' ups to 'buy'
** Deutsche Bank raises German flavour and fragrance maker Symrise SY1G.DE to "buy" from "hold," citing improved earnings momentum
** DB flags positive volume leverage and costs cuts, half of which kick in in H1
** Although the company saw modest price pressure during Q1, it does not seem to be getting worse, the broker says, forecasting a 'solid' Q2/H1 update with H1 EBITDA 3% above consensus
** Based on higher top line and margin assumptions, it raises FY24-26 EPS expectations by 4-6%
** "Earnings momentum turning a corner with consensus upside risk, for the first time in 18 months," DB says
** The brokerage also adds the CEO change should bring more attention to profitability and help realise untapped potential
** The stock is up 1.7%
** Out of 25 analysts that cover Symrise, 13 rate the stock "strong buy" or "buy," ten rate it "hold" and two rate the stock "strong sell"/"sell" - LSEG data
Reporting by Amir Orusov
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