BMO Capital analyst John McNulty lowered his price target on Ingevity to $111 after its Q4 results and below-consensus FY20 guidance, though he believes that the outlook "properly" sets up the company for execution. The analyst also keeps his Outperform rating on Ingevity, saying the management's commentary about being more aggressive with share buybacks should drive the stock higher.

Jefferies upgraded Ingevity to Buy from Hold with a price target of $62, up from $52. The analyst says hybrid sales are outpacing electric vehicle sales, bolstering activated carbon volumes, and likely leading a 4% increase in segment sales and a 7% increase in EBITDA through 2026. Meanwhile, in Performance Chemicals, a re-stock cycle, a change in feed stocks, and a focus on higher-margined products will likely support an EBITDA rebound for Ingevity, the analyst tells investors in a research note. The firm finds the stock's valuation attractive at current share levels.