UPDATE: Jefferies Raises PT on Ashland on Valuation Framework Revisit

In a report published Tuesday, Jefferies analyst Laurence Alexander reiterated a Buy rating on Ashland ASH, and raised the price target from $92.00 to $104.00. In the report, Alexander noted, “Ashland could have at least one, and possibly two more rounds of asset shuffling left as the firm evolves into a more specialty chemical company. While this will probably take longer than investors expect, even small steps could help shrink the current discount. We are raising our price target to $104 (5.6% FCF yield, 13x 2014E EPS) and reiterate our Buy rating.” Ashland closed on Monday at $84.50.