UPDATE: KeyBanc Capital Markets Initiates Innospec at Buy on Positioning, Acquisition Outlook
KeyBanc Capital Markets initiated coverage on Innospec (NASDAQ: IOSP) with a Buy rating and a $40 price target.
KeyBanc Capital Markets said, "We are initiating coverage of Innospec Inc. (IOSP-NASDAQ) with a BUY rating and $40 price target. Its leading market position in its core Fuel Additives business offers a stable earnings stream and returns, while a solid position as a producer of surfactants for the personal care market adds to its attractive returns. On top of this, we believe that IOSP possesses an opportunity to grow its oilfield chemicals business while also expanding its personal care business both organically and through bolt-on acquisitions.
Innospec closed at $29.80 on Thursday.
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