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CC

Chemours

$46.35

-2.95 (-5.98%)

, VNTR

Venator Materials

$20.58

-1.23 (-5.64%)

06:31
12/07/17
12/07
06:31
12/07/17
06:31

TiO2 cycle moving in right direction without Tronox deal, says Citi

Citi analyst P.J. Juvekar views the Federal Trade Commission's lawsuit to block Tronox's (TROX) acquisition of Cristal as negative for his TiO2 coverage saying it may lead to a less consolidated market. Nonetheless, the analyst thinks the TiO2 cycle is "going in the right direction" without the Tronox deal. He remains a buyer of both Chemours (CC) and Venator Materials (VNTR) following yesterday's pullback.

CC

Chemours

$46.35

-2.95 (-5.98%)

VNTR

Venator Materials

$20.58

-1.23 (-5.64%)

TROX

Tronox

$18.63

-6.9 (-27.03%)

  • 07

    Dec

CC Chemours
$46.35

-2.95 (-5.98%)

12/04/17
JEFF
12/04/17
NO CHANGE
Target $66
JEFF
Buy
Chemours price target raised to $66 from $60 at Jefferies
Jefferies analyst Laurence Alexander raised his price target for Chemours to $66 saying the company's efforts to mitigate cyclicality through value pricing and disciplined capital deployment, while likely take up to five years to prove out, could eventually support multiple expansion. The analyst keeps a Buy rating on the shares following Chemours' investor day.
12/06/17
GSCO
12/06/17
DOWNGRADE
GSCO
Neutral
Chemours downgraded to Neutral from Buy at Goldman Sachs
Goldman analyst Robert Koort downgraded Chemours to Neutral and cut its price target to $55 from $64 due to a moderating view for TiO2 pricing. The analyst believes realized TiO2 prices need to exceed current expectations, which are at elevated levels, for shares of Chemours to outperform. Koort also questions Chemours ability to hold above-average contract pricing if global prices fall.
12/06/17
UBSW
12/06/17
NO CHANGE
Target $19
UBSW
Sell
UBS keeps Sell rating on Tronox as FTC challenges Cristal deal
UBS analyst John Roberts noted Tronox (TROX) shares traded lower following an FTC administrative challenge to its acquisition of Cristal. The FTC cited Valspar's (SHW) price fixing case against DuPont, which is now Chemours (CC), which looked at the market regionally rather than globally and at chloride process TiO2 pigment alone rather than a combined chloride and sulfate process. Roberts, who noted that market shares are much different on a regional chloride TiO2 basis than on an all-TiO2 global basis, maintains his Sell rating and $19 price target on Tronox shares.
12/06/17
12/06/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Toll Brothers (TOL) downgraded to Sector Weight from Overweight at KeyBanc with analyst Kenneth Zener citing the company's fourth quarter results. 2. Chemours (CC) downgraded to Neutral from Buy at Goldman Sachs with analyst Robert Koort citing a moderating view for TiO2 pricing. 3. Patterson Cos (PDCO) and Henry Schein (HSIC) were downgraded to Underweight from Equal Weight at Morgan Stanley. 4. AutoZone (AZO) downgraded to Neutral from Buy at Guggenheim with analyst Steven Forbes citing balanced risk/reward following the recent share rally. 5. Edison International (EIX) downgraded to Neutral from Buy at Mizuho. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VNTR Venator Materials
$20.58

-1.23 (-5.64%)

10/23/17
VERT
10/23/17
INITIATION
Target $28
VERT
Buy
Venator Materials initiated with a Buy at Vertical Research
Vertical Research analyst Matthew DeYoe initiated Venator Materials with a Buy and $28 price target saying he expects the next three-to-five year period to marked by TiO2 inflation, steady incremental pricing initiatives, creeping capacity additions, and strong free cash flow.
10/11/17
RHCO
10/11/17
NO CHANGE
Target $27
RHCO
Buy
Venator Materials to benefit from strong titanium dioxide demand, says SunTrust
SunTrust analyst James Sheehan raised his price target on Venator Materials to $27 from $25, saying the company is well-positioned to benefit from favorable pricing trends in titanium dioxide through at least Q3 of next year. Sheehan anticipates strong demand and tighter supply amid an operating rate reduction from Chinese suppliers, potentially resulting in price increases during seasonally weak Q4. The analyst also kept his Buy rating on Venator.
12/06/17
GSCO
12/06/17
DOWNGRADE
Target $27
GSCO
Neutral
Venator Materials downgraded to Neutral from Buy at Goldman Sachs
Goldman analyst Robert Koort downgraded Venator Materials to Neutral and cut its price target to $27 from $31 due to a moderating view for TiO2 pricing and sees downside risks to TiO2 pricing, slower macro trends, and cost reduction delays.
10/11/17
RHCO
10/11/17
NO CHANGE
Target $24
RHCO
Hold
Kronos Worldwide price target raised to $24 from $21 at SunTrust
SunTrust analyst James Sheehan raised his price target on Kronos Worldwide (KRO) to $24 from $21, citing expectations of titanium dioxide pricing strength for the rest of the year and less competition from China. Sheehan notes that Chinese environmental restrictions are impacting TiO2 production, resulting in plant suspensions and shutdowns. The analyst maintains a Hold rating on the stock given a more fair valuation relative to peer Venator (VNTR).
TROX Tronox
$18.63

-6.9 (-27.03%)

10/24/17
10/24/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Boston Scientific (BSX) initiated with a Buy at Canaccord. 2. PQ Group (PQG) was initiated with a Buy at Nomura Instinet, Jefferies, Deutsche Bank, and Citi, an Overweight at KeyBanc, and a Neutral at JPMorgan and Goldman Sachs. 3. Tronox (TROX) initiated with an Overweight at JPMorgan. 4. Equinix (EQIX) initiated with a Buy at Deutsche Bank. 5. BioTelemetry (BEAT) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/06/17
JPMS
12/06/17
NO CHANGE
Target $23
JPMS
Overweight
JPMorgan sees Tronox shares trading around $23 amid FTC challenge
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.
10/24/17
JPMS
10/24/17
INITIATION
Target $30
JPMS
Overweight
Tronox initiated with an Overweight at JPMorgan
JPMorgan analyst Jeffrey Zekauskas started Tronox with an Overweight rating and $30 price target. The analyst expects the company to become a large, low-cost titanium dioxide producer with "excellent" free cash flow characteristics. He thinks Tronox has room to increase its EBITDA meaningfully over the coming three years.

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