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Fly News Breaks for November 23, 2018
KRO
Nov 23, 2018 | 07:15 EDT
Deutsche Bank analyst David Begleiter lowered his price target for Kronos Worldwide to $15 from $26 but keeps a Buy rating on the shares. After declining 50%, the stock fully reflects falling European TiO2 prices and broader concerns over the TiO2 cycle, Begleiter tells investors in a research note. European TiO2 prices fell 4% in Q4 and are likely to fall further in Q1 amid soft demand, destocking and increased Chinese exports, says the analyst. However, Begleiter continues to believe industry fundamentals are supportive of an elongated TiO2 cycle. He views Kronos Worldwide's valuation as attractive at current share levels.
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