Shares of Chemours (CC) - Get Report , a provider of performance chemicals, were rising over 3% during afternoon trading on Wednesday after Jefferies upgraded the stock to 'Buy' from 'Hold.'

"Chemours shares have rallied ~$30 from the trough: $8-$10 can be ascribed to litigation risk abating, and the balance to shifting from 2017E consensus EPS of $1.00-$1.25 last summer to 2018E of ~$3.05 due to favorable TiO2 [the naturally occurring oxide of titanium] pricing and cost-cutting," Jefferies analyst Laurence Alexander wrote.

Structural improvements in TiO2 and fluoropolymers still have upside potential with stable end-markets.

Additionally, "an 8% free cash flow yield suggests industry risks are still being discounted," Alexander noted.

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