Tronox Gains Favorable Upgrade From Analyst, Predicting A Strong Rebound In 2024
Portfolio Pulse from Lekha Gupta
Tronox Holdings PLC (NYSE:TROX) received an upgrade from BMO Capital Markets to Outperform from Market Perform, with a new price target of $18, up from $11. Analyst John P. McNulty anticipates a strong rebound for TROX in 2024 due to the end of destocking, improving demand, and potential benefits from EU China dumping restrictions. McNulty expects volume increases and a gradual price improvement by Q4 2024, with a significant rebound in earnings and cash flows, particularly in the second half of FY24.
December 18, 2023 | 5:42 pm
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Tronox Holdings PLC was upgraded by BMO Capital Markets to Outperform with a price target of $18. The analyst predicts a strong rebound in 2024 with increased volumes, improved pricing, and better earnings and cash flows in the second half of FY24.
The upgrade by BMO Capital Markets is a strong positive signal for Tronox, suggesting improved future performance and potential stock price appreciation. The new price target represents a significant increase from the previous target, indicating higher expectations from the analyst. The anticipation of a rebound in 2024 with increased volumes and improved pricing is likely to be viewed positively by investors, potentially leading to a short-term increase in the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100