Olin price target lowered to $57 from $75 at Piper Sandler

Piper Sandler lowered the firm’s price target on Olin to $57 from $75 and keeps an Overweight rating on the shares. The firm cites Q2 earnings, changes to company guidance, especially the operational impact from Hurricane Beryl, and also its own channel checks around the major end products. Aside from the estimated $100 mil earnings impact from the storm in Q3, Piper expects the rebound in chloralkali and epoxy to be far slower than its earlier estimates. The firm does see macro events, like lower interest rates, helping earnings going forward but the pace of recovery will be far more gradual.