Ingevity price target lowered to $45 from $55 at Wells Fargo

Wells Fargo lowered the firm’s price target on Ingevity (NGVT) to $45 from $55 and keeps an Equal Weight rating on the shares as part of a Q2 earnings preview for the chemicals sector. The quarter should still support an early cycle recovery albeit at a lower pace, which could drive sector momentum again, the analyst tells investors in a research note. The firm remains positive on the chemicals sector, saying group tends to outperform in early parts of a recovery, with oil prices still firm and positive year-over-year volume growth expected in Q2. Its top picks include Westlake (WLK), LyondellBasell (LYB) and IFF (IFF).