Givaudan Downgraded to Hold on GCC Slump

Berenberg cut Givaudan’s rating to “hold” and lowered price target to CHF 2,915 from CHF 3,580.
Organic sales growth outlook weakened to 2.3% full‑year 2026, with Q1 2% and Q2 1.8% amid Middle‑East slowdown.
Fine Fragrances, contributing 12% of revenue, faces 20% sales exposure to GCC where perfume retail fell 20‑25% since March.
2026 forecasts show sales CHF 7.40 bn, adjusted EPS CHF 119.66, dividend CHF 74, while net debt falls to CHF 3.38 bn.