Ashland price target raised to $105 from $97 at BMO Capital

BMO Capital analyst John McNulty raised the firm’s price target on Ashland to $105 from $97 and keeps a Market Perform rating on the shares after its Q2 earnings beat. Following significant destocking in FY23, Ashland executed on its efforts to reduce production to better match the demand of its customers and as such has seen its profitability improve, the analyst tells investors in a research note. BMO adds that it continues to look for a normalization of Ashland profits in the next few quarters to get greater comfort on the company’s new base line.