Citi analyst P.J. Juvekar downgraded PQ Group (PQG) to Neutral from Buy with a price target of $18, down from $19. The analyst expects slower growth in Performance Chemicals, which represents 45% of the company's sales, and silicates in industrial applications. PQ Group competitor W.R. Grace (GRA) commented on its Q4 call that it expects lower demand in Q1 driven by weakness in chemical catalysts for industrial applications and silicas for coatings and industrial applications, Juvekar tells investors in a research note. Given that PQ guided to a healthy rebound in refining catalysts volumes for 2020, there is now some level of risk to that 2020 guidance, contends the analyst. He think it is prudent to move to the sidelines and wait for a better entry point.