Wells Fargo analyst Michael Sison downgraded Olin to Equal Weight from Overweight with a price target of $50, down from $65. The analyst believes the company lacks a catalyst until a new CEO is found. The firm reduced 2024 estimates as it expects Olin’s earnings will likely remain at trough levels for “several more quarters given weak overall demand.” Wells also sees the company’s leadership uncertainty” capping upside in the multiple” until a new CEO is announced. The outlook for chlor alkali pricing and margins through 2024 remains lackluster, the analyst tells investors in a research note.
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