JPMorgan downgraded Olin (OLN) to Neutral from Overweight with a price target of $28, down from $50. The firm says a decrease in caustic soda prices pushed Olin’s EBITDA lower by 2024, and the general level of the company’s EBITDA is now substantially lower than the $1.3B in EBITDA achieved in 2023. Commodity chemical companies are facing a variety of challenges, the analyst tells investors in a research note. JPMorgan believes both Westlake and Olin are challenged to increase their EBITDA year-over-year in 2025.
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