Wells Fargo upgraded Ashland to Overweight from Equal Weight with a price target of $112, up from $100. The analyst expects “sufficient evidence” from the second half of 2024 that the company’s earnings run rate is ramping up, supporting stronger EBITDA growth into fiscal 2025. The firm also sees Ashland’s recent acquisitions as supportive of further multiple improvement. Destocking in most industries is coming to an end if it hasn’t already, and Q1 saw a positive inflection point for demand, with further improvement in Q2, the analyst tells investors in a research note.
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