BMO Capital analyst John McNulty raised the firm’s price target on Chemours (CC) to $20 from $18 and keeps an Outperform rating on the shares after the company sold its Taiwan TiO2 site for $360M. The “sizable windfall” is a “meaningful positive” for Chemours, the analyst tells investors in a research note. BMO expects the proceeds to go toward debt reduction, providing a “liquidity cushion” for future PFAS settlements. The firm says the sale should help investors “get comfortable” that Chemours has enough cash to fund future growth opportunities going forward.
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