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In a report published Thursday, Jefferies analyst Laurence Alexander downgraded the rating on
AshlandASH from Buy to Hold, and lowered the price target from $104.00 to $97.00.
In the report, Jefferies noted, “Investor confidence in the asset shuffling thesis may not withstand 2-3 more rounds of downward revisions to EPS and FCF forecasts for 2014E-2016E. Pension headwinds, incentive comp, Valvoline marketing expenses, sluggish end markets: in our view, it all adds up, and makes further multiple expansion more difficult. We downgrade Ashland to Hold from Buy.”
Ashland closed on Wednesday at $88.47.
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