Barclays analyst Michael Leithead lowered the firm’s price target on Element Solutions to $23 from $24 and keeps an Overweight rating on the shares. Investor conviction in U.S. chemical names is low entering earnings season as demand is "uneven," but energy cost relief should help, tells investors in a research note. However, valuations are "not as defensive or cheap" as it was on January 1, adds the firm. It does not think "it’s the time to be a hero" and continues to pick spots in the group.
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Published first on TheFly
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Read More on ESI:
- Element Solutions’ regional weakness likely to persist, says CL King
- Element Solutions price target raised to $24 from $21 at Barclays
- Element Solutions sees FY23 adjusted EPS $1.40-$1.43, consensus $1.40
- Element Solutions reports Q4 adjusted EPS 29c, consensus 28c
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