Why Chemours Gets A Double Upgrade From This Analyst

Chemours Co CC reported in late March its fourth-quarter earnings ahead of expectations.

With the company’s accounting issue in the rearview mirror, many of its businesses seem to be at or near an inflection point, according to BMO Capital Markets.

The Chemours Analyst: John McNulty upgraded the rating for Chemours from Underperform to Outperform, while raising the price target from $19 to $34.

The Chemours Thesis: The company announced its first-quarter guidance well below expectations and there was limited visibility into its performance in 2024, McNulty said in the upgrade note.

Check out other analyst stock ratings.

Chemours’ earnings should improve through 2024 and into the next couple of years, as the company gets past “one-offs," the analyst stated.

“We expect Chemours to outperform the market as it appears things are at trough/coming off trough right now in all of their segments,” he added.

“Finally, our time with CEO Dignam confirmed she has a solid plan to drive the company going forward,” McNulty further wrote.

CC Price Action: Shares of Chemours had risen by 3.22% to $27.92 at the time of publication on Tuesday.

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Photo: Courtesy Chemours