Cautious Outlook on Avient: Hold Rating Amid Revised EPS and EBITDA ForecastsWe update our estimates for AVNT ahead of 3Q25 reporting. We update our EPS estimates as follows: 3Q25 is revised from $0.70 to $0.69 (vs. $0.70 guide; $0.70 consensus), 2025 is revised from $2.82 to $2.79 (vs. $2.77-$2.87 guide; $2.80 consensus), 2026 is revised from $3.11 to $2.97 (vs. $3.13 consensus), and 2027 is revised from $3.50 to $3.32 (vs. $3.50 consensus). Accordingly, 3Q25 EBITDA is revised from $139M to $135M (vs. $135M consensus), 2025 EBITDA is revised from $553M to $545M (vs. $545-$560M guide; $549M consensus), 2026 EBITDA is revised from $600M to $568M (vs. $585M consensus), and 2027 EBITDA is revised from $656M to $613M (vs. $634M consensus).