Deutsche Bank downgraded Venator Materials to Hold from Buy with a price target of 50c, down from $1. It has been a "tumultuous" six months for Venator, characterized by lower TiO2 demand, reduced operating rates to match the slowing demand, structurally high energy costs in Europe, asset sales and board changes, the analyst tells investors in a research note. With many of these issues expected to persist through 2023 as the company undertakes a strategic review of its business, the path forward to realize the "deep value" in Venator shares is unclear, says the firm.
Published first on TheFly
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