Ingevity price target raised to $68 from $62 at BMO Capital

BMO Capital raised the firm’s price target on Ingevity (NGVT) to $68 from $62 and keeps an Outperform rating on the shares. The company announced the sale of its CTO Refinery and most of the InSpec business in its Performance Chems platform for a solid high-teens multiple, and the firm sees this reducing earnings volatility and improving the margin profile of the business, the analyst tells investors in a research note.