Ashland price target lowered to $92 from $105 at BMO Capital

BMO Capital lowered the firm’s price target on Ashland to $92 from $105 and keeps a Market Perform rating on the shares after its Q3 results and guidance cut. The company’s Personal Care segment is near record margins and is showing the benefit of restructuring actions and a recovery in the markets, but with a more challenged pricing environment tied to the competitive landscape in Life Sciences and Specialty Additives segments, the firm’s confidence around future EBITDA levels remains muted, the analyst tells investors in a research note.