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Fly News Breaks for November 21, 2019
ASH
Nov 21, 2019 | 06:47 EDT
As previously reported, BMO Capital analyst John McNulty downgraded Ashland to Market Perform from Outperform with a price target of $77, down from $82. The analyst notes that the company's management change is the correct path to resolving its issues, but with valuation of 11.7-times his expected FY20 EBITDA, he contends that the stock is not cheap. McNulty adds that investors should wait for the new team to develop a "formalized plan-of-action over the next few months/quarters" before buying shares.
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