Tronox price target lowered to $1 from $3 at BMO Capital

BMO Capital analyst John McNulty lowered the firm’s price target on Tronox (TROX) to $1 from $3 and keeps an Underperform rating on the shares. The weak coatings market and fierce competitive pressures from Western/Chinese producers resulted in a significant drop in Tronox volumes, which along with high- cost inventory and fixed cost absorption drove EBITDA down 43% – well below expectations, the analyst tells investors in a research note.