Jefferies Raises Price Target on Chemours (CC) to $25
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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."
Shares of Chemours closed at $22.02 yesterday.
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