Orion S.A. price target lowered to $5 from $9 at JPMorgan

JPMorgan lowered the firm’s price target on Orion S.A. (OEC) to $5 from $9 and keeps an Underweight rating on the shares. The firm says carbon black volumes in the Americas have been lower by 6% for three years in succession. Meanwhile, margins are being pressured by a trade-down by consumers from higher quality tires to lower quality and less expensive tires, the analyst tells investors in a research note. JPMorgan sees further share downside on the “weak” carbon black price and volume environment.