Loop Capital analyst Chris Kapsch downgraded Ingevity to Hold from Buy with a price target of $96, down from $104. The analyst notes that after a 20% run-up in the stock price over the past 3 months, its risk-reward prospects have "shifted". Kapsch also warns about the potentially "problematic" dynamic for the company's Performance Chemicals segment amid declining Baker Hughes rig count that underlines a weaker energy end-market activity. The analyst adds that China has recently stepped up its electric vehicle adoption goals, even though its regulatory-driven adoption of activated carbon devices to curb auto emissions is still ramping.