Hamed Khorsand, an analyst from BWS Financial, maintained the Buy rating on Ecovyst (ECVT – Research Report). The associated price target is $18.00.
Hamed Khorsand’s Buy rating for Ecovyst (ECVT) is based on a variety of factors. Despite the challenges encountered in 2023, including unforeseen external elements that made accurate quarterly forecasting difficult, ECVT managed to navigate through it adeptly. Moreover, ECVT is seizing the seasonal refinery downtime to speed up its capital expenditure plans for 2024, showcasing the company’s proactive approach in capitalizing on opportunities.
Khorsand also highlights that ECVT’s third quarter sales, even though slightly lower than estimated, do not significantly affect the outlook for 2024. Expected issues posed by polyethylene manufacturers have been factored into their analysis, and these challenges are predicted to be temporary. Finally, Khorsand notes that ECVT’s stock has recovered since the Company released its quarterly results, indicating a positive market response. Therefore, there was no significant reason to sell ECVT’s stock, further supporting the Buy rating.
Khorsand covers the Technology sector, focusing on stocks such as Ecovyst, Netgear, and Adeia. According to TipRanks, Khorsand has an average return of 5.0% and a 45.45% success rate on recommended stocks.
In another report released today, KeyBanc also reiterated a Buy rating on the stock with a $13.00 price target.
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Ecovyst (ECVT) Company Description:
PQ Group Holdings, Inc. engages in the manufacture and provision of specialty catalysts, materials, chemicals, and services that enable environmental improvements, enhance consumer products, and increase personal safety. It operates through the Refining Services, Catalysts, Performance Materials, and Performance Chemicals. The Refining Services segment offers sulfuric acid recycling to the North American refining industry. The Catalysts segment serves the packaging and engineered plastics and the refining, petrochemical, and emissions control industries. The Performance Materials segment produces transportation reflective safety markings for roads and airports. The Performance Chemicals segment supplies diverse product end uses, including personal and industrial cleaning products, fuel-efficient tires, surface coatings, and food and beverage products. The company was founded on August 07, 2015 and is headquartered in Malvern, PA.
Read More on ECVT:
- TipRanks’ ‘Perfect 10’ List: There’s an Opportunity Brewing in These 2 Top-Rated Stocks
- Ecovyst cuts FY23 revenue view to $675M-$705M from $685M-$715M
- Ecovyst reports Q3 adjusted EPS 19c, consensus 21c
- Ecovyst Reports Third Quarter 2023 Results
- Ecovyst to expand silica catalyst production capability at Kansas City facility
