Orion S.A. downgraded to Underperform from Neutral at Mizuho

Mizuho analyst John Roberts downgraded Orion S.A. (OEC) to Underperform from Neutral with a $9 price target The shares are up 14% since the company’s earnings report but could retest the lows since industry fundamentals have not improved, the analyst tells investors in a research note. Mizuho attributes the share rally to hope that U.S. tire imports would decline, but says they rose again in the recently reported July data. Orion’s debt outlook was also recently changed to “Outlook Negative” by a major ratings agency, adds Mizuho.