Olin Corp falls as UBS flags earnings slowdown, downgrades to 'neutral'

Olin

27/06/2023 12:52

** Shares of chemical maker Olin Corp  OLN.N  fall 2.0% to
$48.2 premarket
    ** UBS downgrades stock to "neutral" from "buy", cuts PT to
$53 from $68
    ** Brokerage reduces EBITDA forecast for 2023-2024 by
10%-11%
    ** Says 2023 earnings to be impacted by slower demand and
higher turnaround costs in Q2
     ** New price target represents a near 8% upside to stock's
last close
    ** Twelve of 17 brokerages rate the stock "buy" or higher,
three "hold" and two "sell"; their median PT is $65 - Refinitiv
data
    ** Up to Monday's close, stock had fallen ~7% YTD

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))