In a report published Monday, Jefferies analyst Laurence Alexander upgraded the rating on Ashland ASH from Hold to Buy, and raised the price target from $123.00 to $147.00.
In the report, Jefferies noted, “The recent downdraft in oil prices implies a flatter petrochemical cost curve, less demand for NGVs, a downshift in energy infrastructure capex, and a margin tailwind for downstream chemicals. Tilt towards the consumer, away from the cracker, and stay wary of whipsaws in soy (biodiesel) and corn (ethanol).”
Ashland closed on Friday at $114.05.
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