Ingevity price target raised to $50 from $43 at Wells Fargo

Wells Fargo analyst Michael Sison raised the firm’s price target on Ingevity to $50 from $43 and keeps an Equal Weight rating on the shares. While Ingevity’s Performance Chemicals segment “repositioning” improves its earnings potential longer term, the firm says excess crude tall oil is a large headwind in 2024 with soft top-line results across Industrial Specialties and APS inhibiting multiple expansion, the analyst tells investors in a research note.