Ingevity upgraded to Buy from Hold at Jefferies

Jefferies upgraded Ingevity to Buy from Hold with a price target of $62, up from $52. The analyst says hybrid sales are outpacing electric vehicle sales, bolstering activated carbon volumes, and likely leading a 4% increase in segment sales and a 7% increase in EBITDA through 2026. Meanwhile, in Performance Chemicals, a re-stock cycle, a change in feed stocks, and a focus on higher-margined products will likely support an EBITDA rebound for Ingevity, the analyst tells investors in a research note. The firm finds the stock’s valuation attractive at current share levels.