Avient price target raised to $50 from $48 at KeyBanc

KeyBanc raised the firm’s price target on Avient (AVNT) to $50 from $48 and keeps an Overweight rating on the shares. The industry remains locked in the same struggle with cyclical downturn in construction/durables demand; unabating commodity capacity overhang enabled by China’s advantage in capex and cost of capital; and chemical industry’s customers losing share as the West, especially Europe, deindustrializes. Over the next one to two years, the firm sees optionality of improvement in demand, but other structural issues are likely to take longer to resolve.