Jefferies Starts Ingevity Corp (NGVT) at Buy
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Jefferies initiates coverage on Ingevity Corp (NYSE: NGVT) with a Buy rating and a price target of $57.00.
Analyst Daniel Rizzo commented, "Ingevity is the largest provider of activated carbon for fuel emission curtailment with ~85% market share. Tighter fuel efficiency mandates support a 14% EPS CAGR, even in a sluggish automotive market. Ingevity's valuation, in line with its peers, makes it attractive on a PEG basis (1.4 vs. 1.8 average). FCF prospects have improved, and tuck-in M&A is likely. Initiate coverage with a Buy, $57 target."
Shares of Ingevity Corp closed at $47.69 yesterday.
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