BMO Capital analyst John McNulty lowered the firm’s price target on Ashland to $135 from $139 after its negative Q1 earnings pre-announcement but keeps an Outperform rating on the shares. The quarter reflects a challenged demand environment and destocking seen in China and Europe, and the company’s Q2 appears challenging as well given lack of clarity on China re-opening and winter storm related costs in the U.S., the analyst tells investors in a research note. BMO Capital remains positive on Ashland longer term however and believes the company should see earnings growth that significantly exceeds expectations.
Published first on TheFly
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