Oppenheimer analyst Ian Zaffino maintained a Buy rating on Ingevity (NGVT) yesterday and set a price target of $110. The company’s shares closed yesterday at $97.
Zaffino commented:
“Driven by strong volumes, favorable pricing/mix and lower raw material costs, NGVT delivered strong 4Q18 results. Adjusted EBITDA of $73.3M beat our/Street’s $63M/$65M ests while adjusted EPS of $1.07 also beat our/Street’s $0.74/$0.76. Management provided strong 2019 guidance (inclusive of Capa), calling for sales of $1.30B-$1.36B and adjusted EBITDA of $390M-$410M, compared to our $394M est. Maintain Outperform.”
According to TipRanks.com, Zaffino is a 3-star analyst with an average return of 0.7% and a 52.1% success rate. Zaffino covers the Services sector, focusing on stocks such as Servicemaster Global Holdings, Wyndham Hotels & Resorts Inc, and frontdoor inc.
Currently, the analyst consensus on Ingevity is a Moderate Buy with an average price target of $102.50.
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The company has a one-year high of $106.59 and a one-year low of $70.71. Currently, Ingevity has an average volume of 227.8K.
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Ingevity Corp engages in the manufacture of specialty chemicals and carbon materials. It operates through the following segments: Performance Chemicals and Performance Materials. The Performance Materials segment consists of automotive technologies and process purifications product families.
