Ingevity price target raised to $70 from $64 at BMO Capital

BMO Capital raised the firm’s price target on Ingevity (NGVT) to $70 from $64 and keeps an Outperform rating on the shares. Following its portfolio review, the company announced that it is looking to sell both the APT and road markings businesses while continuing to focus on growing the two core platforms in the activated carbon Performance Materials segment and the Paving Tech platform, the analyst tells investors in a research note. With the proceeds and significant free cash flow, the management will reduce debt as well as return 15% to shareholders in the form of buybacks over the next two years, the firm notes.