Wells Fargo analyst Michael Sison lowered the firm’s price target on Ashland to $90 from $100 and keeps an Equal Weight rating on the shares. The firm said the new price target reflects materially lower volumes due to customer de-stocking, plus a lack of visibility into underlying customer demand. Wells believes Ashland is fairly valued, with EV/EBITDA multiples from bear to bull cases around 9.0-11.0x.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ASH:
- Ashland price target lowered to $95 from $105 at Deutsche Bank
- Ashland downgraded to In Line at Evercore ISI amid low visibility
- Ashland price target lowered to $114 from $129 at Mizuho
- Ashland downgraded to In Line from Outperform at Evercore ISI
- Ashland provides update on projected fiscal 2023 third-quarter earnings and financial outlook for fiscal year 2023; announces new $1 billion evergreen share repurchase authorization
Questions or Comments about the article? Write to editor@tipranks.com