Jefferies Raises Price Target on Chemours (CC) to $15; Reiterates Hold
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Jefferies reiterated a Hold rating on Chemours (NYSE: CC), and raised the price target to $15.00 (from $10.00), after adjusting estimates for tailwinds. Jefferies raised 2016 estimates $0.15 to $0.80, 2017 $0.40 to $1.35, and 2018 $0.35 to $1.90.
Analyst Laurence Alexander commented, "We are raising our estimates to better reflect tailwinds from TiO2 pricing, the ramp in production at Altamira and the success with the Opteon product line. Wild cards remain -- both litigation headline risk over the next 12 months and, in the medium-term, the need to manage the TiO2 industry evolution, particularly in China."
Shares of Chemours closed at $13.19 yesterday.
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