The firm said it raised its rating on the global specialty chemical company as "the recent downfall in oil prices implies a flatter petrochemical cost curve, a downshift in energy infrastructure capex, and a margin tailwind for downstream chemicals."
Jefferies added that "tailwinds to Valvoline in the first half of 2015 should be followed by improved organic growth...as consumer demand benefits from a tailwind to disposable income."
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The firm increased its price target on Ashland to $147 from $123.
Separately, TheStreet Ratings team rates ASHLAND INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ASHLAND INC (ASH) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."