Chemours upgraded to Buy from Neutral at UBS

UBS upgraded Chemours to Buy from Neutral with a price target of $30, up from $28. The analyst believes the market has become too negative on the stock, which is down 22% over last six weeks. The firm sees potential for the stock to outperform as investors look towards a more normal level of earnings in TiO2 and favorable demand/price drivers in refrigerants into 2025. UBS expects the near-term will remain choppy, and sees 2024 as a “transition year” for Chemours. However, it believes the company can earn $1.2B in EBITDA in 2025, up 46% year-over-year and 5% above consensus.