UPDATE: JP Morgan Raises PT to $65 on Ashland
A report from J.P. Morgan reiterates its Overweight rating and raises its price target from $62 to $65 on Ashland Inc. (NYSE: ASH).
The report states, “We believe that Ashland shares represent an attractive investment opportunity. The stock is inexpensive trading at 5.5x EBITDA for 2012 with a free cash flow yield of 6.4%. Its business portfolio is well leveraged to an economic recovery. Our December 2012 price target of $65 reflects a 6.0x multiple of EV/EBITDA and a 5.5% and 9.0% free cash flow yield for 2012 and 2013, respectively.”
ASH closed yesterday at $55.22.
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