Orion Engineered price target lowered to $13 from $15 at Mizuho

Mizuho lowered the firm’s price target on Orion Engineered (OEC) to $13 from $15 and keeps a Neutral rating on the shares. The firm updated price targets in the chemicals, agriculture, and packaging sector to reflect the recent market multiple reductions, and only modestly reduce forward year estimates as Mizuho does not have a recession forecast. However, lower oil prices will reduce the gas-linked cost advantage for many of the basic chemical stocks, the analyst tells investors in a research note. The firm believes March quarter pre-buying for autos and electronics creates “risk for give-back near-term.”