Chr. Hansen Holding A/S (CHYHY) recently reported a broadly in-line set of 1Q FY20 numbers, with revenues growing at a lackluster 1% YoY organically, driven by increased volumes. However, the narrowed full-year organic growth guidance to 4%-6% (from 4%-8%), along with a lower preliminary long-term growth target of mid- to high single-digits by FY24-25 (~300-400 bps cut from the previous 8%-10% organic growth target) was concerning. Yet, management maintained its EBIT margin and free cash flow guidance for FY20 and FY21-22 and is likely to announce a new set of five-year financial targets