ICL price target lowered by 50c at Morgan Stanley, here’s why

Morgan Stanley analyst Vincent Andrews lowered the firm’s price target on ICL to $6.50 from $7 and keeps an Equal Weight rating on the shares. The firm, which lowered its North American Chemicals industry view to In-Line from Attractive, sees limited base case upside in most places looking into 2024 given its expectations for largely status quo macro at least through the first half of 2024. The firm recommends remaining “barbell positioned” with grinders/compounders on one end and sentiment inflection plays on the other.