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Chemours (NYSE:CC) on Tuesday was upgraded to Outperform from a previous investment rating of Market Perform by analysts at financial-services firm BMO Capital. They said the chemical maker is poised for gains with the resolution of an accounting issue.
BMO raised its price target on Chemours (CC) to $34 a share from $19 a share previously.
Chemours (CC) two weeks ago said it was cooperating with a request for information by regulators and federal prosecutors after an internal investigation discovered several executives had changed the reporting of cash flows to increase their bonuses.
In February, Chemours (CC) initiated the audit after receiving an anonymous tip on a whistleblower hotline. The company also delayed reporting fourth-quarter earnings. Chemours (CC) suspended its chief executive, chief financial officer and chief accounting officer until the probe was completed.
In March, the company appointed Denise Dignam as its permanent chief executive. She had held the post on an interim basis during the investigation.
BMO’s analysts said Dignam had confirmed her plan for moving Chemours (CC) forward.
The company narrowed its…
