Ingevity upgraded to Buy from Hold at Loop Capital

Loop Capital upgraded Ingevity to Buy from Hold with a price target of $76, up from $64. The company’s transition provides a pathway to optimize the pine chemical segment’s legacy asset footprint and enhances the segment’s overall profitability over time, the analyst tells investors in a research note. In addition, the firm believes the just-announced Nexeon deal will help change sentiment on Ingevity shares. The deal can help Ingevity prove its case that the performance materials segment is a growth platform through at least the end of this decade, even as electric vehicles encroach on internal combustion engine sales, says Loop.