UBS downgraded Olin to Neutral from Buy with a price target of $53, down from $68. The company’s 2023 earnings are being impacted by slower demand and higher turnaround costs, the analyst tells investors in a research note. The firm previously believed Olin shares would re-rate back to its historical average “as we hit a trough,” but now says market concerns about what is the right level of normalized earnings as caustic prices decline will likely leave the stock still at a discount.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on OLN:
- Olin price target lowered to $69 from $78 at BofA
- Olin price target lowered to $63 from $76 at RBC Capital
- Olin to cease operations at Gumi, South Korea facility
- Olin cuts Q2 adjusted EBITDA view to $350M-$360M
- Olin Updates Second Quarter 2023 Outlook and Announces Additional Epoxy Restructuring Actions