Olin's Downgraded Financial Outlook: Sell Rating Amid EPS and EBITDA DeclinesWe update our estimates for OLN ahead of 3Q25 reporting. We update our EPS estimates as follows: 3Q25 is revised from $0.06 to $0.05 (vs. $0.09 consensus), 2025 is revised from -$0.06 to -$0.26 (vs. $0.10 consensus), 2026 is revised from $0.71 to $0.42 (vs. $1.29 consensus), and 2027 is revised from $1.03 to $0.91 (vs. $2.15 consensus). Accordingly, 3Q25 EBITDA is revised from $185M to $183M (vs. $170M-$210M guide; $192M consensus), 2025 EBITDA is revised from $690M to $656M (vs. $721M consensus), 2026 EBITDA is revised from $785M to $743M (vs. $876M consensus), and 2027 EBITDA is revised from $820M to $810M (vs. $1,001M consensus).