Jefferies Raises Price Target on Chemours (CC) to $25
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
- Jefferies Raises Price Target on Pure Storage, Inc. (PSTG) Following 3Q; Reiterates Hold
- JPMorgan Raises Rating on CBOE Holdings (CBOE) to 'Overweight'; Analyst Thinks Bats Technology Will Drive Greater Trading Activity
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!