Organon downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Umer Raffat downgraded Organon (OGN) to In Line from Outperform following its “surprising” dividend cut. The company’s top priority is growth but its coming at the expense of the dividend, the analyst tells investors in a research note. There is also an element of reliance on European manufacturing network, and unless Trump takes country-specific approach on tariffs instead of EU-wide and waives much of tariffs on Netherlands, Organon could be faced with some tariff-related EBITDA exposure, the firm added.