Olin slides after BofA downgrades to 'underperform'

Olin

30/06/2026 15:54

 ** Shares of chemicals company Olin Corp OLN.N fall 4.3% to $19.92
** BofA Global Research cuts rating to "underperform" from "buy", reduces PT to $21 from $32 - among the lowest by Wall Street analysts - per LSEG-compiled data 
** New PT implies just a 5% premium to current trading price of $19.92
** Brokerage says earnings growth trajectory more muted than they had expected as closure of the Strait of Hormuz - a crucial waterway for chemicals and fertilizer transportation - did not sustain price inflation
** Says co's merger with peer Huntsman HUN.N a sign of "stagnant cycle dynamics"; HUN tied to housing and construction and synergies only realized when macroeconomic factors drive core growth
** OLN had announced it will buy HUN in an all-stock deal valued at about $2.43 bln earlier in June 
** The average rating of 17 brokerages is a 'hold'; its median PT is $30 - LSEG data
** Including session's moves, stock is down 4.2% YTD 

 (Reporting by Sudeshna Ghoshal in Bengaluru)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))