Ingevity price target raised to $62 from $61 at BMO Capital

BMO Capital analyst John McNulty raised the firm’s price target on Ingevity (NGVT) to $62 from $61 and keeps a Market Perform rating on the shares after its Q4 earnings beat. The company is starting to reap the benefits of roughly two years of work to escape the pressures of its CTO – Crude Tall Oil – platform, the analyst tells investors in a research note. Ingevity is also seeing its high value add Performance Materials business enjoying growth despite muted end-market volumes, BMO adds.