Ingevity price target raised to $85 from $76 at Wells Fargo

Wells Fargo raised the firm’s price target on Ingevity to $85 from $76 and keeps an Equal Weight rating on the shares. The firm believes strength in PM will partially offset weakness in PC. However, Ingevity’s guidance for year-over-year EBITDA growth in 2023 is a positive reflection of its improved portfolio following Ozark & EM product launches, Wells adds.