Ashland (ASH) has received a new Hold rating, initiated by Morgan Stanley analyst, Steven Haynes.
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Steven Haynes has given his Hold rating due to a combination of factors that reflect both potential and uncertainty in Ashland’s current market position. The company is seen as historically undervalued, following a lengthy turnaround period. While there is potential for growth driven by self-help and innovation, the uncertainty surrounding the base case and the risk associated with the time it might take for market sentiment to shift and drive a multiple re-rate temper this optimism.
Haynes notes that Ashland’s positioning on the chemicals spectrum, between quality and commodity, has recently shifted towards commodity, raising concerns about the defensiveness of its core EBITDA. Despite the stock’s current low valuation and an attractive bull case scenario, the wide range of potential EBITDA outcomes for 2026 suggests a lack of clear catalysts for a near-term positive inflection. Consequently, Haynes is cautious, preferring to wait for more consistent results or a conservative EBITDA guide before becoming more constructive on the stock.
In another report released on September 6, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $53.00 price target.