JPMorgan upgraded Tronox (TROX) to Overweight from Neutral with a price target of $7, up from $5. The firm believes TiO2 prices are likely to move higher either in Q2 or Q3 after a two-year period of decline. There are volume opportunities for Tronox as roughly 400,000 tons annually have been shipped by China into the Indian and Brazilian markets where tariffs in excess of $500/t have been partly or fully implemented, the analyst tells investors in a research note. JPMorgan thinks titanium dioxide fundamentals for Tronox and Chemours are improving.
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Read More on TROX:
- Positive Outlook for Tronox: Buy Rating Backed by TiO2 Price Increase and Cost-Saving Initiatives
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