Jefferies Starts Ingevity Corp (NGVT) at Buy

September 23, 2016 6:53 AM EDT
Get Alerts NGVT Hot Sheet
Price: $54.04 +2.95%

Rating Summary:
    5 Buy, 1 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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."

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

Shares of Ingevity Corp closed at $47.69 yesterday.

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