Ingevity upgraded to Buy from Hold at Loop Capital

Loop Capital analyst Christopher Kapsch upgraded Ingevity to Buy from Hold with a price target of $100, up from $81. After discussions with its management, the analyst is turning more positive on his "counter-intuitive belief that in spite of the ongoing "energy transition" and shift to EVs from conventional internal combustion engines, the company’s PM segment has a long runway for both robust demand, as well as arguably-outsized margin performance. Loop Capital also contends that Ingevity’s sustainably characteristics are "woefully underappreciated".