July 16 (Bloomberg) -- Symrise AG, the world´s fourth-largest maker of flavors and fragrances, fell the most in two months after Kepler Capital Markets SA reduced its stock recommendation, citing limits to additional earnings growth.
Symrise dropped as much as 4 percent to 24.35 euros, the steepest intraday slide since May 16, and was trading down 3.6 percent at 2:53 p.m. in Frankfurt. The Holzminden, Germany-based company, which on July 13 reached the highest since the company’s initial public offering in December 2006, is the worst performer on the STOXX 600 Chemicals Index today.
Although still a “quality stock,” Symrise has reached Kepler’s price estimate of 24 euros a share, and “we see no trigger which could drive our earnings forecasts,” Markus Mayer, an analyst in Munich, said in a note to investors today. Kepler lowered its recommendation on the stock to hold from buy.
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