Ascent Industries Co. (ACNT) PT Raised to $18 at Stifel

Stifel analyst Vincent Anderson raised the price target on Ascent Industries Co. (NASDAQ: ACNT) to $18.00 (from $17.00) while maintaining a Buy rating.

The analyst comments "We are updating our model for 1Q24 results and a revised forward outlook. New management's short time with the company has already begun yielding concrete results, with ~$10 mn of annualized new business wins in Chemicals and a realigned portfolio and salesforce in Tubing. Combined with continued laser focus on cost and efficiency, management is confident that 2H24 will see margins return toward its target run-rate, giving us confidence in a near-term inflection back to positive EBITDA and back into double-digit margins in 2025. We maintain our Buy rating and raise our target price to $18 on slightly higher 2025 estimates."

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