Element Solutions (ESI) PT Raised to $24 at Mizuho

Mizuho analyst John Roberts raised the price target on Element Solutions (NYSE: ESI) to $24.00 (from $23.00) while maintaining a Outperform rating.

The analyst commented: "We hosted CEO Ben Gliklich at Mizuho's Tech Conference today. Electronics continue to perform well (April was solid, May was sequentially stronger and June is tracking well). Similar to what we saw over the past several quarters, strong electronic materials performance continues to offset the softness in the cyclical Industrial segment. Overall, we believe the quarter is tracking as expected, with FX possibly providing a modest tailwind.

No change to our estimates of $124M of EBITDA and $0.33 EPS for 2Q and $526M and $1.40 EPS for the full year, but the unfavorable FX impact is getting smaller. Tweaking PT to $24 from $23 on higher peer and market multiples."

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