Chemours (NYSE:CC) shares fell around 2% intra-day today after BofA Securities analysts downgraded the company to Neutral from Buy and reduced their price target on the stock to $37.00 from $41.00.

The analysts mentioned that titanium dioxide (TiO2) pigments have been underperforming base coatings demand since Q3/22, and the expected improvement in Q2 did not fully materialize. The lack of volumes hampers the impact of lower raw material costs.

Although a sequential pickup in pigment volumes and EBITDA is still anticipated, the analysts lowered the forecast due to ongoing destocking. Additionally, the Advanced Materials segment of the business is expected to face similar economic headwinds, leading to a downward adjustment in Advanced Performance Materials (APM) expectations.