Olin price target lowered to $61 from $67 at KeyBanc

KeyBanc lowered the firm’s price target on Olin to $61 from $67 on softer earnings, while keeping an Overweight rating on the shares. Management’s light Q4 guidance was worse than expected and included a $100M headwind from temporary supply reductions in an attempt to tighten the chlor-alkali market, the firm says. KeyBanc thinks a lack of certainty around the supply action is making investors hesitant to step in before management signals it can revert to more normal operations.