Tronox price target lowered to $13 from $15 at BMO Capital

BMO Capital analyst John McNulty lowered the firm’s price target on Tronox to $13 from $15 and keeps a Market Perform rating on the shares. The company put up a solid quarter that surprised to the upside on EBITDA margins but a tough zircon outlook and reduced operating rates to adjust to lower volumes and demand drove a Q3 guide that was well below consensus, the analyst tells investors in a research note.