Ingevity price target raised to $47 from $40 at BMO Capital

BMO Capital raised the firm’s price target on Ingevity (NGVT) to $47 from $40 and keeps a Market Perform rating on the shares after its Q3 earnings beat. The company’s Performance Chemicals business will have a definitive bottom in 2024 and recovery should come in 2025, while its Performance Materials segment demonstrated that despite tough auto volumes, pricing and efficiency is enough to drive strong earnings, though there is still uncertainty regarding the timing of its ramp for AFA products, the analyst tells investors in a research note.