Ashland price target raised to $118 from $104 at Wells Fargo

Wells Fargo analyst Michael Sison raised the firm’s price target on Ashland to $118 from $104 and keeps an Equal Weight rating on the shares. The analyst notes the company’s Q4 results and outlook bucked the trend, where it posted strong results at the higher end of expectations, despite seeing a difficult external environment, that was more negatively impacted than most in the chemical sector. Sison was "encouraged" to see potential for positive EBITDA growth during 2023, despite a recessionary backdrop where the company is capacity constrained.