Olin price target lowered to $31 from $32 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on Olin (OLN) to $31 from $32 and keeps an Overweight rating on the shares. The firm notes Olin’s 2025 EBITDA is tracking below expectations mostly due to base epoxy resins and the commercial side of Winchester. On the positive side, KeyBanc sees more signs of trough in EBITDA sequentially in Q3. The firm thinks chlor-alkali and epoxy are unlikely to get worse from here. Further, it agrees with management that commercial Winchester sales declines are also set to improve. However, KeyBanc has less confidence in Winchester’s ability to raise commercial pricing, a necessary condition to preserve margins in Q4 and thereafter.