Jefferies Raises Price Target on Chemours (CC) to $25

November 16, 2016 7:30 AM EST
Get Alerts CC Hot Sheet
Price: $25.49 +3.53%

Rating Summary:
    2 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Jefferies reiterated a Hold rating on Chemours (NYSE: CC), and raised the price target to $25.00 (from $17.00). Chemours continues to execute and should generate > $150m of incremental EBITDA from Opteon and Altamira. Ongoing cost reductions will continue to contribute to margins. The company has removed $160m YTD of their $200m target and expects to remove an additional $150m of mostly fixed costs in 2017.

Analyst Laurence Alexander commented, "Divestitures and restructuring are addressing leverage concerns, and the mix of a faster ramp in Opteon and improving TiO2 margins has reset valuations. Headwinds from fluoropolymers and litigation should be muted by cyclical leverage to TiO2 (and customer restocking near-term), Opteon and cost controls. The Bartlett appeal decision in 1H17 will be a key litmus test providing increased clarity on the PFOA liability."

For an analyst ratings summary and ratings history on Chemours click here. For more ratings news on Chemours click here.

Shares of Chemours closed at $22.02 yesterday.

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