Avient downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Avient to Hold from Buy with a price target of $37, down from $46. The analyst remains encouraged by Avient’s strong pricing power, more resilient Sustainable Solutions and Composite portfolios and believes the company will ultimately deliver its attractive long-term growth targets. However, the firm expects 2024 to be another challenging year for Avient with EBITDA up only 5% year-over-year. With the forecasted EBITDA recovery delayed by a year due to weak macro environment, including continued de-stocking in certain end-markets and price tailwinds peaking, the near-term upside for Avient shares is limited, the analyst tells investors in a research note.