Olin downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Olin to Neutral from Buy with a price target of $57, down from $67. The analyst has concerns around the company’s pricing and margin strategy following industry comments about more aggressive pricing to gain volume coupled with weaker macro conditions in chloralkali. The firm also notes the risk to the business strategy following the CEO’s departure. Based on quarter end channel checks, Goldman believes Q3 margins in the chloralkali industry will come in lower than initially expected.