Orion Engineered upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Orion Engineered (OEC) to Overweight from Neutral with a price target of $21, up from $20. The firm believes Orion is undervalued at the current share price and Cabot (CBT) is “somewhat overvalued.” There is upside opportunity in Orion to $25 or about 60% appreciation potential should the company reach a 6.5-times multiple for 2026, the analyst tells investors in a research note. JPMorgan estimates Orion’s free cash flow yield at 12% for 2026 due to sharply lower expected capital expenditures following the completion of an expansion project in battery materials.