Wells Fargo upgrades Olin to Overweight, raises target to $35

As previously reported, Wells Fargo analyst Michael Sison upgraded Olin (OLN) to Overweight from Equal Weight with a price target of $35, up from $25. The firm cites a stronger outlook for 2026 as Wells expects electrochemical unit margins and caustic soda prices to continue to increase due to the conflict in Iran. The firm believes natural gas prices in North America should remain largely insulated from impacts from the conflict in Iran. As a result, Wells expects price increases across potentially both sides of the ECU should flow through to higher ECU margins.