Olin initiated with a Buy at Citi

Citi analyst Patrick Cunningham initiated coverage of Olin with a Buy rating and $50 price target. With the shares down 20% year-to-date on declining electrochemical unit and epoxy fundamentals, Olin is an attractive buying opportunity, the analyst tells investors in a research note. The firm believes electrochemical margins will bottom near-term. While Citi is not calling for a rapid upcycle in ECU near-term, the firm thinks the stock’s risk/reward skews more to the upside.