Analysts at Oppenheimer & Co reiterate their "outperform" rating on Olin OLN. The target price for OLN is set to $28.
Post the increase in caustic price to $35 by PPG, OLN has announced its new chlorine price at $75 per ton, “which is on top of the previous industry-wide $75 and $80 increases.” “The other chlor-alkali producers are evaluating these moves, but continued pricing momentum gives us confidence that OLN could experience significant profit growth as the young chlor-alkali cycle gains steam… Aside from relatively healthy industry operating rates and demand, supply continues to be incrementally positive,” the analysts add.
According to Oppenheimer & Co, “OLN remains a top idea with a 4.2% dividend, no euro exposure, no net-debt, an over-funded pension, and significant earnings leverage to a new chlor-alkali cycle quickly gathering steam.”
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