UBS rates ORI as Downgrade to Sell from Neutral, page-25

I guess UBS's point (if they have one) is that Orica's revenues have flat lined and in cases decreased. Which is true.
However over the longer haul Orica clearly has displayed its capacity to be a global business that even in challenging times they don't report shock (zomg 20% profit decline) like some businesses.

So on the basis of that short term wise it might not be the best stock under the sun but long term (12+months) its a solid performer with good dividends and when times become sunny again Orica will re-rate enormously.