Seeking Alpha

Ashland started with Buy rating, $130 price target at UBS

  • Ashland (ASH +1.4%) is initiated with a Buy rating and $130 target price at UBS, which cites the recent sale of its non-core water treatment chemical unit, the announced $200M of cuts to reduce stranded costs, and the accelerated $1.35B stock buyback, which UBS models through 2015.
  • In the firm's view, plenty of firepower remains for more growth acquisitions, especially given the potential for further divestments.
  • UBS says it is highly confident in its near-term growth outlook given it is largely from less cyclical businesses and self-help initiatives (the cost savings and buyback).
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