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By Market News Video Staff, Monday, November 15, 1:50 PM ET
Goldman Sachs (NYSE:GS) initiated coverage on International Flavors & Fragrances (NYSE:IFF) today.
Goldman began coverage at a neutral rating with a price target of $57.
The firm said that the company saw strong growth in 2010, and is making changes to reallocate resources to growth areas like emerging markets, but it wouldn’t buy the stock currently because of risk to consensus sales and earnings forecasts. Goldman warned sales growth could be subpar, at 1-2% in 2011.
International Flavors shares are trading down 0.4% Monday.
It is a 3.28% holding of the Rydex S&P Equal Weight Materials ETF (AMEX:RTM), trading up 0.5% Monday.
Freeport-McMoRan (NYSE:FCX) is the top stock in the fund, at 3.78% of the portfolio, followed by Alcoa (AA) at 3.63%.
CF industries (NYSE:CF), Dow Chemical (DOW), and FMC (FMC) round out the top five holdings in the fund.
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