Element Solutions price target raised to $36 from $34 at KeyBanc

KeyBanc analyst Aleksey Yefremov raised the firm’s price target on Element Solutions (ESI) to $36 from $34 and keeps an Overweight rating on the shares. The firm believes the Q4 update provides all the evidence of accelerated adoption of ESI advanced packaging products and a broadening cycle that now involves PCBs in addition to semi materials. Electronics incremental margins fell shy of what KeyBanc was hoping for, though it acknowledges the spike of metal prices is a temporary headwind that should reverse in the first half of the year. The firm continues to see potential for shares to re-rate as organic growth in Electronics accelerates.