Ingevity downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst John McNulty downgraded Ingevity to Market Perform from Outperform with a price target of $60, down from $71. The analyst says headwinds in the crude tall oil market are more extreme than feared. The company appears to have an effective longer-term strategy to deal with these pressures, but its “earnings hole” tied to the issues will be worse than feared over the next 12-18 months, the analyst tells investors in a research note.