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Tronox (TROX -1.2%) is downgraded to Hold from Buy with a $20 target price (from $24) at BWS...

Tronox (TROX -1.2%) is downgraded to Hold from Buy with a $20 target price (from $24) at BWS Financial, which says a rumored acquisition would not help shareholders, and cites a risk of TiO2 prices not rising this year: Without TiO2 prices roaring back, the firm says TROX would end up with a levered balance sheet and could end up not having a natural hedge against feedstock price volatility.
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