Orion Engineered price target raised to $40 from $35 at Loop Capital

Loop Capital analyst Christopher Kapsch raised the firm’s price target on Orion Engineered to $40 from $35 and keeps a Buy rating on the shares. The key near-term thesis test – whether or not the structural improvement to the global carbon black industry would lead to sustained pricing improvement in 2024 negotiations, despite cyclical/macro end market volume weakness in 2023 – has been put to bed, de-risking the set-up for the company for 2024, the analyst tells investors in a research note.