Cabot downgraded to Neutral from Buy at UBS

UBS downgraded Cabot to Neutral from Buy with a price target of $87, down from $90. The firm sees risk/reward as more balanced, and while Cabot has achieved a structurally higher level of earnings in its Reinforcement segment, the end of that pricing cycle is nearing, and there must be more volume growth or a recovery in Performance Materials to drive earnings higher, which could take longer to materialize, the analyst tells investors in a research note.