As previously reported, Loop Capital analyst Chris Kapsch downgraded Orion Engineered to Hold and lowered his price target to $17 from $29 after the company cut its FY19 EBITDA guidance, saying he no longer sees a "constructive scenario" for its near-term fundamentals and earnings prospects. The analyst notes that while the carbon black industry has "improved structurally", the company will require a higher magnitude of "affirmative pricing" to offset the rise in operating costs and the adverse differentials around the global implementation of IMO2020 regulations. Kapsch also cites a weaker global industrial economy that is likely to continue while the China trade impasse is in place.