Element Solutions initiated with a Hold at Truist

Truist analyst Peter Osterland initiated coverage of Element Solutions (ESI) with a Hold rating and $28 price target Element’s transformation from a company historically focused on M&A into a specialty chemicals operator focused on organic growth and customer value has been “impressive” and the company expects Element will continue to outperform underlying demand growth in its major end markets. However, the firm thinks that a more modest outlook for unit growth in key end markets, including automotive and smartphones, limit significant near-term upside, the analyst added.