|Over a week ago|
Ashland price target raised to $106 from $80 at BMO Capital » 06:5508/0508/05/20
BMO Capital analyst John…
BMO Capital analyst John McNulty raised the firm's price target on Ashland to $106 from $80 and keeps an Outperform rating on the shares. In Q3, cost cutting helped to drive a solid beat as top-line growth has begun to fill in some of the past pockets left by lost business, said McNulty, who expects both cost cutting and growth to continue to accelerate over the next 12 months and drive above consensus earnings growth.
Ashland price target raised to $90 from $85 at Wells Fargo » 08:5507/3007/30/20
Wells Fargo analyst…
Wells Fargo analyst Michael Sison raised the firm's price target on Ashland to $90 from $85 following quarterly results, while keeping an Overweight rating on the shares. The analyst believes that the transformation of Ashland into the premiere specialty chemical company is well underway. He is encouraged by the progress made so far, starting with the restructuring of the business segments earlier this fiscal year which he does expect will yield significant margin improvement and profitability growth once complete.
Ashland price target raised to $88 from $80 at Monness Crespi » 08:5207/3007/30/20
Monness Crespi analyst…
Monness Crespi analyst Chris Shaw raised the firm's price target on Ashland to $88 from $80 and keeps a Buy rating on the shares following the company's "strong" Q3 results. Changes the new CEO promised are coming to fruition, partly evidenced by the much higher than expected profits and margins in Q3, Shaw tells investors in a research note. The analyst believes Ashland's 2021 growth "has an even better chance now of surprising to the upside."
Ashland to sell maleic anhydride facility for $100M » 06:5507/2707/27/20
Ashland Global Holdings…
Ashland Global Holdings announced a definitive agreement to sell the company's maleic anhydride business and manufacturing facility in Neal, West Virginia to AOC Materials, for $100M. Maleic anhydride is manufactured industrially on a large scale for applications in coatings and polymers. The maleic anhydride business was previously excluded from the sale of Ashland's Composites business and the butanediol manufacturing facility in Marl, Germany, to INEOS Enterprises. The transaction with AOC is expected to close prior to the end of calendar year 2020, contingent on customary regulatory approvals and standard closing conditions. Citi is acting as financial advisor to Ashland, and Squire Patton Boggs is acting as legal advisor.
Ashland price target raised to $85 from $70 at Deutsche Bank » 08:0307/2007/20/20
Deutsche Bank analyst…
Deutsche Bank analyst David Begleiter raised the firm's price target on Ashland to $85 from $70 and keeps a Buy rating on the shares after the company preannounced Q3 upside. The news provides further evidence that the business model, strategy and organizational changes CEO Guillermo has put in place are working and that its portfolio is more resilient than perceived with 60% of sales to consumer facing markets, Begleiter tells investors in a research note.
Ashland CEO says 'consumer business units performed particularly well' in Q3 » 06:4707/1707/17/20
"Ashland's financial results in the third quarter demonstrate the strength of our specialty materials portfolio and the importance of the actions we are taking internally," said Guillermo Novo, chairman and CEO officer, Ashland. "Our priorities continue to be the health and safety of our employees and the continued supply of products to customers in the critical industries which we serve. Our consumer business units performed particularly well as we experienced significantly stronger demand for pharmaceutical excipients, biofunctional ingredients and additives for hand sanitizers. While our industrial businesses felt the impact of reduced global demand during April and May, the teams began to see signs of improving demand trends in June." "Our internal actions are also driving improvements to our cost structure and profitability," continued Novo. "The combined benefit of cost reductions, improved product mix and lower raw-material costs yielded Adjusted EBITDA growth of 2 percent during the quarter. Our cost-reduction plans for the year remain on track, and we plan to take $20 million to $30 million of the previously-disclosed inventory-control actions during the fiscal-fourth quarter. I am confident that these continued internal actions mean we are well positioned for the upcoming fiscal year. I look forward to discussing our results in more detail on the upcoming call with securities analysts."
Ashland sees Q3 adjusted cont ops EPS approximately 84c, consensus 57c » 06:4607/1707/17/20
Sees Q3 revenue…
Sees Q3 revenue approximately $574M, consensus $562.95M. Ashland's adjusted EBITDA is expected to be approximately $143M.
|Over a month ago|
Ashland price target raised to $80 from $75 at Wells Fargo » 08:3606/2406/24/20
Wells Fargo analyst…
Wells Fargo analyst Michael Sison raised the firm's price target on Ashland to $80 from $75 and keeps an Overweight rating on the shares. The analyst believes the strategic shift to a more ROIC focused company to drive relative outperformance is well underway, Q3 is shaping up as expected and there are several levers to ensure growth in fiscal year 2021. With the recent restructuring of the business units to optimize the cost structure and focused on growing niche markets previously under targeted, Sison expects improved margins and earnings growth over the next few years, which should reach full efficacy once utilization and growth rates improve in 2021.
|Over a quarter ago|
Ashland price target raised to $70 from $55 at Wells Fargo » 06:3205/0805/08/20
Wells Fargo analyst…
Wells Fargo analyst Michael Sison raised the firm's price target on Ashland to $70 from $55 and keeps an Overweight rating on the shares following the company's Q2 results. Sison says Q2 marks the first quarter where Ashland's new business structure can be seen in effect, which provides enhanced transparency into the core operating segments driving growth.
Fly Intel: Top five analyst upgrades » 10:0605/0705/07/20
GM, OXY, CAI, ASH, TPR, BURBY
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. General Motors (GM) upgraded to Buy from Hold at Deutsche Bank with analyst Emmanuel Rosner saying GM's "strong" Q1 performance and forward-looking outlook demonstrate the benefit from its proactive actions to transform the business, right size its costs and boost profitability. 2. Occidental Petroleum (OXY) upgraded to Hold from Sell at SunTrust with analyst Neal Dingmann saying the company has remained "steadfast" in improving its already solid operations by decreasing "base decline" and reducing costs, he sees its "best course" as tackling the $17B due through 2025 with tranches of a secured deal that could be done at less than 9% interest rate. 3. CAI International (CAI) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Michael Brown saying the stock current valuation is attractive on CAI remaining a standalone company or in an acquisition. 4. Ashland (ASH) upgraded to Neutral from Underweight at JPMorgan with analyst Jeffrey Zekauskas uciting valuation. 5. Tapestry (TPR) and Burberry (BURBY) upgraded to Buy from Hold 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.