Ingevity Corporation (NGVT): Raising PT - Oppenheimer
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Oppenheimer analyst, Ian Zaffino, reiterated his Outperform rating on shares of Ingevity Corp (NYSE: NGVT) noting that management remains bullish on both Performance Materials and Performance Chemicals.
The analyst believes Materials revenues could nearly double by 2022, as new auto emission regulations take effect; at the same time, Materials EBITDA could more than double through 2022, owing to fixed cost leverage.
Performance Chemicals could enjoy a 400-600 bps margin increase over the next 24-36 months, as the division returns to historical margin levels through cost cuts, efficiencies, product mix and improved endmarkets.
Longer term, China/Beijing could finalize emission regulations late next year, and this revenue opportunity could be bigger than that of the current US upgrade.
As a result of the positive outlook, the company is raising its price target to $50.00 (from $44.00).
Shares of Ingevity Corp closed at $44.45 yesterday.
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