Ecovyst price target lowered to $10 from $13 at KeyBanc

KeyBanc lowered the firm’s price target on Ecovyst to $10 from $13 and keeps an Overweight rating on the shares. Overall, the firm sees management’s EBITDA revision for 2024 as a substantial surprise, even considering the fairly weak macro-outlook in the second half of 2024. The setback in renewable diesel is not the most significant but hurts confidence, as this business has been among the fastest growing for Ecovyst, KeyBanc adds. More predictably, Ecovyst is now more cautious on demand around industrial markets similar to the rest of its chemical peers in the second half of the year. However, a drop-off in renewable fuels demand in Q2 is likely to persist for the next 12-18 months flagging a potential concern for many, the firm says.