AdvanSix price target lowered to $44 from $48 at CL King

CL King lowered the firm’s price target on AdvanSix to $44 from $48 and keeps a Buy rating on the shares. The price target decrease reflects increased medium-term uncertainty along with rising risks of earnings shortfalls, with contracting global PMI readings, rising labor, energy and borrowing costs, and geopolitical events all contribute to the firm’s view, the analyst tells investors in a research note. CL King also notes the UAW strikes a “further wildcard,” and thinks fundamentals for nylon 6 and other industrial chemicals could incrementally weaken as current walkouts extend in duration and expand to idle more facilities.