Tronox upgraded to Buy from Neutral at UBS

UBS analyst Joshua Spector upgraded Tronox to Buy from Neutral with a price target of $19, up from $17. The firm believes the company’s EBITDA over the last two years has been hindered by lower operating rates and some one time issues as production restarts. With Tronox’s operating rates now back above 80%, this represents a $55M tailwind into 2025, the analyst tells investors in a research note. UBS says Tronox is 85% back integrated into upstream TiO2 feedstock ore, which is a benefit over time but was a negative as the industry went through a large scale destocking.