Jefferies raised the firm’s price target on Orion Engineered Carbons to $34 from $27 and keeps a Buy rating on the shares. Peer comments suggest that seasonality remains relatively close to normal and Q4 is “likely on track,” the analyst tells investors. Orion offers SMID investors an “unusual combination” of structural tailwinds, a significant improvement in free cash flow generation and significant cyclical operating leverage, contends the analyst, who expects the shares to reach $38-$45 at mid-cycle and $52-$65 at the next peak.
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