BMO Capital analyst John McNulty raised the firm’s price target on Ingevity to $55 from $50 and keeps a Market Perform rating on the shares. The company started 2024 strong but issued a conservative outlook for the second half of the year, with expectatins that crude tall oil, or CTO, headwinds will last into Q3, the analyst tells investors in a research note. There is some hope that the gap between procured price and current price will moderate as Ingevity pushes to later in the year but the timing remains to be seen, the firm added.
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