Elementis upgraded to Buy from Hold at Jefferies

Jefferies upgraded Elementis to Buy from Hold with a price target of 170 GBp, up from 110 GBp. The analyst says 2024 will likely be another mixed year for the UK Industrials given a soft macro backdrop in Q1 and geopolitical risks. That said, there is improvement potential, and attractive end markets, equity stories and modest valuations, which appeal, the analyst tells investors in a research note. The firm made rating changes as part of its 2024 outlook.