Deutsche Bank Lowers PT On OMNOVA To $6

Deutsche Bank has published a research report on OMNOVA Solutions OMN after the company lowered its 2011 EPS guidance by 30%. In the report, Deutsche Bank writes, "In what is likely to be the first of many US chemical companies to do the same, OMNOVA lowered its 2011 EPS guidance by 30% due to a deceleration in the global economy in the third quarter. OMNOVA is also being negatively impacted by a sharp increase in butadiene, a key feedstock for its core S/B products which are used in carpet and paper manufacturing." Deutsche Bank maintains its Buy rating but has lowered the price target from $8 to $6. OMNOVA Solutions closed yesterday at $4.90 and is currently trading at $4.21, a $0.69 change.