Avient Corporation Downgraded to Perform at Oppenheimer

Analysts at Oppenheimer provided their views on Avient Corporation (NYSE:AVNT) following the company’s pre-announced Q3 results, and downgraded the shares to perform from outperform and removing their $58 price target.

The analysts believe the combination of weakening global demand, market re-ratings, and the company's elevated debt load is likely to remain a sentiment headwind.

While stepping to the sidelines, the analysts remain bullish on the company's specialty migration, and see a step-change in EBITDA margin with the Dyneema/Distribution transactions. Longer-term, the analysts believe the company is positioned to see outsized share gain in sustainable solutions.