Ashland

ASH · NYSE

$71.69+$0.50 (+0.70%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $71.19

ASH analyst rating

BuyConsensus of 10 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy6
Hold4
Underperform0
Sell0

12-month price target · 13 analysts

Average $81.90 (+14.2% upside)

Low: $70.70
Now: $71.69
High: $94.50

Upgrades and downgrades

The latest rating actions, newest first

ASH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 5, 2026	Maintains	Buy	$83.00 → $80.00	49%
Morgan Stanley	Aug 6, 2026	Maintains	Equal-Weight	$58.00 → $78.00	—
Wells Fargo	Jul 31, 2026	Maintains	Equal-Weight	$50.00 → $70.00	33%
UBS	Jul 30, 2026	Maintains	Buy	$75.00 → $83.00	49%
Evercore ISI Group	Jul 30, 2026	Maintains	In-Line	$60.00 → $73.00	61%
Mizuho	Jul 29, 2026	Maintains	Outperform	$75.00 → $77.00	62%
BMO Capital	Jul 29, 2026	Maintains	Outperform	$68.00 → $75.00	50%
JP Morgan	Jul 10, 2026	Maintains	Overweight	$65.00 → $75.00	57%
UBS	Jun 10, 2026	Maintains	Buy	$66.00 → $72.00	49%
Seaport Global	May 6, 2026	Upgrade	Neutral → Buy	$75.00	83%

The case for and against

Updated Nov 28, 2024

Bull case

Ashland Inc is projected to achieve sales growth of 3-6% in the upcoming quarter while maintaining a stable sales forecast for the full year, coupled with an upward adjustment in EBITDA guidance from $460-500 million to $470-500 million. The company is anticipated to improve its leverage ratios significantly, projecting 1.97x in fiscal 2024 and 1.7x in fiscal 2025, alongside an expected margin expansion of 80 basis points in 2024 and 190 basis points in 2025. Additionally, a notable increase in free cash flow to approximately $294 million in the fourth quarter, combined with a capital-light growth strategy, further positions Ashland favorably for higher-margin growth moving forward.

Bear case

The financial performance of Ashland Inc. has shown significant declines across its operating segments, most notably with the Life Sciences segment's EBITDA falling 16% due to weaknesses in Pharma and Nutrition. Furthermore, anticipated seasonal weakness in the second quarter of fiscal 2024 and potential customer destocking at year-end suggest further pressures on revenue and EBITDA, which could be lower year-over-year if demand does not recover. Additionally, the company faced a dramatic 81% decline in the Specialty Additives segment, largely attributed to a downturn in the construction markets, raising concerns about sustained macroeconomic pressure that could adversely affect both volumes and margins moving forward.

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