Jefferies Raises Price Target on Chemours (CC) to $17; Reiterates Hold
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Jefferies reiterated a Hold rating on Chemours (NYSE: CC), and raised the price target to $17.00 (from $15.00), following the company's 3Q earnings report. Adjusted EBITDA was $268m, ahead of consensus of $202m and reflected $60m of cost reductions and ~$54m of raw material benefits.
Analyst Laurence Alexander commented, "Q3 underscored Chemours' ability to capitalize on improving market conditions in Opteon and TiO2 while executing on cost reductions, divestitures and deleveraging. Seasonality will impact Q4 though TiO2 price increases should gain traction in 1H17. We expect shares to remain range-bound until the next tranche of litigation is adjudicated, earliest in 2H17, with volatility around price announcements."
Shares of Chemours closed at $19.28 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Raising Prices, Earnings
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