Goldman Sachs downgraded Tronox to Sell from Buy with a $9 price target. Titanium dioxide fundamentals are "skewing more to the downside," as Chinese TiO2 export volumes for March substantially exceeded expectations, UK antitrust regulators approved the acquisition of the shuttered Greatham TiO2 facility by China's LB Group and Q1 paint company results indicate weaker than expected volumes, the analyst tells investors. Tronox is "the most exposed to out of the TiO2 names" to these downside risks, the analyst added.
