BMO Capital Reiterates Outperform Rating on Chemours (CC), Sees Joseph Kava's Appointment as a 'Significant Step'

BMO Capital analyst John McNulty reiterated an Outperform rating and $34.00 price target on Chemours (NYSE: CC).

The analyst said: "Chemours announced the appointment of Joseph Kava (the head of Google's Data Center Business) to CC's Board this morning. We see the appointment as a significant step for CC on its data center journey and adds credibility to its emerging 2PIC (immersion cooling platform). Mr Kava will bring a wealth of data center experience and knowledge to CC and help them navigate this fast moving industry with the hyperscalers.

We see the news as a significant positive for CC's journey in immersion cooling as Mr. Kava's experience will help guide CC over the next ~5 years as it looks to grow their leading 2PIC. Recall, CC's two-phase immersion cooling (2PIC) platform is in its early stages, but is an exciting technology that facilitates a reduction in the energy requirements for data center cooling by as much as 90%. With Mr. Kava's industry knowledge, experience we see his appointment to the Board as a significant boost to help push CC's platform forward, in particular with the hyperscalers in the coming years."

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 $18.76 yesterday.

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