Jefferies & Co. reiterated its Buy rating on Ashland ASH today. Based on "Ashland's significant operating leverage to a recovery and robust free cash flow," Jefferies raised its F2010 EPS Target to $4.25 from $4.05.
Ashland's valuable Valvoline brand experienced a sales increase of 10% and a gross margin improvement of 3%, based on a 3-month rolling basis. Noting that there are still risks like "cyclical end market demand and volatile raw materials prices," Jefferies maintained its price target of $70 for Ashland shares.
Ashland is a diversified transportation and chemical company. Shares are trading down this morning, to $53.61.
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