Shares of Tronox Holdings plc (TROX) plummeted over 8% in pre-market trading on Thursday, as the chemical company faces headwinds due to weakened market conditions and potential earnings shortfalls in the upcoming quarters.
According to analysts at UBS, Tronox is likely to miss its earnings guidance for the third and fourth quarters of 2024, driven by softer demand in the coatings industry. The investment firm noted that Tronox forecasts a 10% to 15% sequential decrease in titanium dioxide volumes, which exceeds the anticipated mid-single-digit decline.
Furthermore, UBS has lowered its price target for Tronox to $18 from $19, although maintaining a buy rating. The reduction in the price target could potentially impact investor sentiment and contribute to the stock's decline.
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