JPMorgan analyst Jeffrey Zekauskas lowered his price target for Tronox shares to $23 from $32 after the Federal Trade Commission issued an administrative complaint challenging the company's acquisition of Cristal on antitrust grounds. The most likely remedy would be the divestiture of roughly half of Cristal's volume in its Ashtabula, Ohio complex, Zekauskas tells investors in a research note. He believes such a divestiture would reduce 2019 EBITDA by roughly $120M and equate to a $2 per share loss. Were the transaction to be entirely disallowed for regulatory reasons, a freestanding Tronox would be worth roughly $16 per share, the analyst estimates. Should the transaction to be approved with half of the Ashtabula complex divested, Zekauskas puts the value of Tronox at $30 per share per based on a 2019 free cash flow yield of approximately 9.5%. He thinks that the company will trade in the middle of the two values between $16 and $30, or roughly $23 per share, believing the market will not be able to judge the most likely outcome. The analyst keeps an Overweight rating on Tronox.