Cabot price target lowered to $103 from $111 at Loop Capital

Loop Capital analyst Christopher Kapsch lowered the firm’s price target on Cabot (CBT) to $103 from $111 but keeps a Buy rating on the shares. Orion (OEC) and Cabot and are exhibiting sensitivity to economic weakness, but nothing about the “structurally-better industry” thesis for this niche space is undermined by last week’s guidance withdrawal from Cabot, the analyst tells investors in a research note. Despite the disappointing downdrafts in the earnings cadence for both companies, Loop continues to believe both stocks are undervalued, adding that despite the current carbon black market softness, both Cabot and Orion should achieve another positive step change in pricing next year.