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TROX

Tronox

$12.42

0.47 (3.93%)

, VNTR

Venator Materials

$9.29

0.29 (3.22%)

07:25
10/02/18
10/02
07:25
10/02/18
07:25

Tronox price target lowered to $13 from $28 at BMO Capital

BMO Capital analyst John McNulty lowered his price target on Tronox (TROX) to $13 to adjust for the expiration of the exclusivity window to divest its Ashtabula assets to Venator Materials (VNTR). The analyst expects the company to open up conversations on Ashtabula spinoff, which is required for the Cristal deal to be approved, with a wider range of potential bidders but likely at lower prices. Longer term, McNulty keeps his Outperform rating on Venator, noting that he expects the titanium dioxide "speed bump" to be short lived while the company also works to close on Cristal.

TROX

Tronox

$12.42

0.47 (3.93%)

VNTR

Venator Materials

$9.29

0.29 (3.22%)

TROX Tronox
$12.42

0.47 (3.93%)

09/28/18
JPMS
09/28/18
NO CHANGE
Target $17
JPMS
Overweight
Tronox is 'down, but not out,' says JPMorgan
In a research note titled "Down, but Not Out," JPMorgan analyst Jeffrey Zekauskas keeps an Overweight rating on shares of Tronox. He also lowered his price target for the stock to $17 from $22. The analyst believes Tronox should close its merger with Cristal by the end of 2018 and that the deal "would be quite beneficial to the value" of the company. He expects the company to divest the 245kt of titanium dioxide production in Ashtabula, Ohio owned by Cristal to another party. Tronox offers a 17% free cash flow yield for 2019 and something less than 30% free cash flow yield for 2020, Zekauskas tells investors in a research note.
07/31/18
RHCO
07/31/18
INITIATION
Target $24
RHCO
Buy
Tronox initiated with a Buy at SunTrust
SunTrust analyst James Sheehan initiated Tronox with a Buy rating and a price target of $24 as part of his broader research note suggesting that the titanium dioxide, or TiO2, upcycle is nearing a peak. Despite the pricing pressure, the analyst expects Tronox to become one of the two largest global TiO2 producers pending a merger with Saudi-owned Cristal and contingent on U.S. regulator approval. Sheehan also sees the company benefiting from "tightening mineral sands supply/demand and stable profitability in TiO2 over the next 12 months", allowing the company to generate $100M of synergies in the first year of the acquisition.
03/27/18
BMOC
03/27/18
INITIATION
Target $24
BMOC
Outperform
Tronox initiated with an Outperform at BMO Capital
BMO Capital analyst John McNulty started Tronox with an Outperform rating and $24 price target.
02/07/18
02/07/18
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. HP Inc. (HPQ) was initiated with a Neutral at Goldman Sachs, while Cisco (CSCO) was initiated with a Buy. 2. Tronox (TROX) initiated with an Outperform at Wells Fargo. 3. Data I/O (DAIO) initiated with a Buy at RF Lafferty. 4. SailPoint Technologies (SAIL) initiated with a Buy at Needham. 5. Aimmune (AIMT) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
VNTR Venator Materials
$9.29

0.29 (3.22%)

09/26/18
BMOC
09/26/18
NO CHANGE
Target $13
BMOC
Outperform
Venator Materials price target lowered to $13 from $17 at BMO Capital
BMO Capital analyst John McNulty lowered his price target on Venator Materials to $13 to reflect the adjustment in his updated model from the reconstruction of the Pori titanium dioxide, or TiO2, facility. The analyst also sees the near-term trends as difficult, withdrawing his estimates for 2018-2020, and believes that the supply-demand for TiO2 "looks to 2019 and beyond". McNulty keeps his Outperform rating on Venator Materials, citing its "significant upside potential" from a potential TiO2 recovery, strong free cash flow generation, and a solid balance sheet, but contends that the stock "remains a 'show-me' story".
09/25/18
SPIN
09/25/18
DOWNGRADE
SPIN
Hold
Venator Materials downgraded to Hold from Buy at Spin-Off Research
09/21/18
09/21/18
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. Bluebird Bio (BLUE) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Salveen Richter saying rating change is is not driven by concerns around Bluebird's pipeline execution or emerging competitive threats. The analyst just believes appreciation of key aspects of his investment thesis are better reflected in the shares at current valuation levels. 2. Venator Materials (VNTR) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying he believes lower prices and higher raw material costs for TiO2, coupled with higher capital expenditures, diminishes Venator's free cash flow outlook. 3. Antero Resources (AR) downgraded to Market Perform from Outperform at BMO Capital with analyst Phillip Jungwirth citing valuation. 4. New Age Beverages (NBEV) downgraded to Hold from Buy at Maxim. 5. Rowan Companies (RDC) downgraded to Hold from Buy at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/21/18
JPMS
09/21/18
DOWNGRADE
Target $10
JPMS
Neutral
Venator Materials downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeffrey Zekauskas downgraded Venator Materials to Neutral and lowered his price target for the shares to $10 from $18. The analyst believes lower prices and higher raw material costs for TiO2, coupled with higher capital expenditures, diminishes Venator's free cash flow outlook.

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