Mizuho Upgrades Chemours (CC) to Outperform 'as Clouds Clear'

Mizuho analyst John Roberts upgraded Chemours (NYSE: CC) from Neutral to Outperform with a price target of $19.00.

The analyst comments "Freon-related inventories normalizing, specialty plastics stabilizing, PFAS expected below threshold, new CEO & CFO settled in. When it rains, it can pour. But, cloudbursts can be followed by sunshine. Chemours is the leading global producer of fluorine-based refrigerants & specialty plastics, and #2 global producer of TiO2 pigments (paint is its largest use). The transition to NextGen refrigerants (CC & HON spin-off only producers) has been offset by industry stockpiling of Freon-related, which is normalizing. China’s expansion in TiO2, followed by collapse in China property market & softness globally, has resulted in low operating rates which appear to have bottomed. No new PFAS restrictions are expected near-term (new EPA chemicals lead is ex-DuPont). We believe a potential settlement in advance of the New Jersey PFAS trial (anticipated spring/summer) should still leave ample headroom under sharing agreement with former parents."

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

Shares of Chemours closed at $14.15 yesterday.

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