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Fly News Breaks for November 6, 2019
OEC, CBT
Nov 6, 2019 | 08:13 EDT
JPMorgan analyst Jeffrey Zekauskas downgraded Cabot (CBT) to Neutral from Overweight with a price target of $45, up from $40. The analyst cites valuation for the downgrade as he thinks Cabot is fairly valued at this juncture. Cabot trades at 7.2 times EBITDA and 5.4% free cash flow yield based on Zekauskas' 2020 estimates. He thinks Cabot should trade at a multiple comparable to its carbon black peer, Orion Engineered (OEC), which trades at a 6.7 times EBITDA multiple.
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