Tronox upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Tronox to Outperform from Market Perform with a price target of $18, up from $11. The firm expects 2024 will mark the inflection point for Tronox with the end of destocking and “at least modestly improving demand” for the industry and potentially more for Western producers, the analyst tells investors. Given improved operating leverage and falling raw costs, the firm believes Tronox should see a “significant rebound” in earnings and cash flows.