July 3 - Shares in fragrance and food-flavours maker Symrise fall 3.3 percent, making them the top losers in Frankfurt's mid-cap index <.MDAXI>, after Morgan Stanley downgrades the stock to "equal-weight" from "overweight".
"Customer destocking, consumer downtrading and a lower rate of innovation amongst customers is hitting growth across the F&F sector," Morgan Stanley says in a research note, noting that Symrise's shares have outpaced F&F peers lately.
"We see limited scope for a further re-rating. Given continued tough trading conditions and what we expect to be increased focus on Symrise's refinancing options, we would take profits at these levels," Morgan Stanley says.