KeyBanc upgraded Olin to Overweight from Sector Weight with a $67 price target. The company on Friday announced that CEO Scott Sutton will be departing the company in the first half of 2024, which resulted in a sharp selloff, the analyst tells investors in a research note. The firm says the underperformance is unwarranted given the shares trade at a significant discount to commodity peers, volumes have likely bottomed and Olin could realize healthy operating leverage in 2024. It adds that Olin’s free cash flow is one of the strongest in the sector.
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