UBS downgraded Orion S.A. (OEC) to Neutral from Buy with a price target of $7, down from $12, after the company cut its fiscal 2025 EBITDA outlook. The firm no longer believes there will be a near-term upturn in western tire production. Orion faces more overhangs on carbon black demand, the analyst tells investors in a research note. UBS believes an earnings and free cash flow improvement is now more dependent on the second half of 2026 and 2027, which is longer than initially expected.
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