Olin price target lowered to $62 from $69 at KeyBanc

KeyBanc lowered the firm’s price target on Olin to $62 from $69 and keeps an Overweight rating on the shares. The firm says that Olin went through a fairly painful, but necessary, acknowledgement that the second half of 2024 doesn’t look any better than the first half. KeyBanc views the new EBITDA guide of about $940M as achievable and an attractive level of trough earnings in 2024. Further, the firm is encouraged that Olin expects the $100M hurricane impact to be limited to Q3, with assets restarting in August. Some momentum in the U.S. caustic soda and epoxy markets, and stability in chlorine price, also aid KeyBanc’s view that underlying trends are quite supportive for the shares.