Chemours's Stock Jumps Toward Record Close After UBS Upgrade

Shares of Chemours Co. rallied 1% in afternoon trade Monday, on track for a record close, after UBS backed away from its bearish stance on the performance chemicals company for the first time in two years. Analyst John Roberts upgraded Chemours to neutral, after being at sell since Aug. 18, 2015. He raised his stock price target to $50, which is about 0.4% above current levels, from $36. Roberts wrote in a note to clients that his "prior concerns regarding [Chemours's] ability to deliver costs savings, fluoroproducts growth and liabilities...have been disproved given company performance." The stock had reported last Thursday second-quarter that rose more than expected. The stock has rocketed about five fold since Roberts went to sell in August 2015, or two months after it completed the spinoff from DuPont Co. , while the S&P 500 has climbed 22.5%.