Jefferies analyst Laurence Alexander says Orion Engineered Carbons will likely be one of the first smid-caps under his coverage to "snap back sharply." Tight supply/demand carbon black balances and competitor discipline suggest the pricing cycle could extend into the next decade, Alexander tells investors in a research note. Further, he believes mix upgrades will likely continue and that lower oil prices should bolster the company's free cash flow in the near-term. The analyst lowered his price target for Orion Engineered to $37 from $41 and keeps a Buy rating on the shares.