BofA/Merrill Lynch Starts Trinseo SA (TSE) at Buy
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BofA/Merrill Lynch initiates coverage on Trinseo SA (NYSE: TSE) with a Buy rating and a price target of $26.00.
Analyst Kevin McCarthy notes shares trade for the lowest multiple of EBITDA in their coverage despite near-trough conditions in 62% of the company's portfolio. McCarthy said optionality for a cyclical upturn in styrene, a solid synthetic rubber business, accretive debt refi potential, and attractive valuation offer ample compensation for risks.
Shares of Trinseo SA closed at $19.83 yesterday.
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