DGC [BUY +21.7%] - Demand for phosphorus chemicals remains robust - Update
  • 2021-05-24T14:25:07
  • Company Research
We upgrade our rating from OUTPERFORM to BUY as we raise our TP by 32% due to (1) our more upbeat view on the phosphorus business, (2) increasing our target EV/EBITDA from 6x to 7x to reflect a 50-bp reduction in our house cost of equity, and (3) a rollover of our TP to mid-2022.