FINWIRES · TerminalLIVE
FINWIRES

BMO Downgrades Chemtrade to Market Perform

-- BMO Capital Markets on Wednesday lowered its rating on the units of Chemtrade Logistics Income Fund (CHE-UN.TO) to market perform, while maintaining its C$18.50 price target.

BMO said the downgrade reflects the rejection of Chemtrade's planned rezoning for its North Vancouver chlor-alkali plant.

According to BMO, more predictable earnings, index inclusion, rezoning approval, and valuation catch-up to U.S. commodity-chemical peers were key catalysts for continued outperformance by Chemtrade.

But with uncertainty linked to the North Vancouver facility beyond 2030, BMO said it now awaits more clarity.

Price: $14.70, Change: $+0.20, Percent Change: +1.38%

Related Articles

Australia

Jefferies Raises Quest Diagnostics Price Target to $225 From $220

Quest Diagnostics (DGX) has an average rating of overweight and mean price target of $219, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $204.33, Change: $+8.02, Percent Change: +4.09%

$DGX
Australia

Truist Securities Cuts Tractor Supply Price Target to $44 From $55, Hold Rating Kept

Tractor Supply (TSCO) has an average rating of overweight and mean price target of $56.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $39.92, Change: $-4.90, Percent Change: -10.92%

$TSCO
Sectors

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, while the Dow Jones US Utilities Index fell 1.3%.Front-month West Texas Intermediate crude oil was rising 4.8% to $93.94 a barrel, and the global benchmark Brent crude contract was advancing 4.4% to $99.68 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.

$HAL