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Oiln (OLN) PT Raised to $100 as Stifel Expects Upside From Hydrogen and Mitsui

May 2, 2022 7:08 AM EDT
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Price: $42.60 --0%

Rating Summary:
    18 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 14
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Stifel analyst Vincent Anderson raised the price target on Oiln (NYSE: OLN) to $100.00 (from $95.00) while raising estimates for following a solid start to the year with positive 2Q results and 2022 guidance.

The analyst reiterated a Buy rating, stating "Despite operational issues in CA&V and a throttled back Epoxy business, markets remain more than strong enough for a positive sequential guide on consolidated results, including an improved outlook for Winchester on continued commercial ammunition strength. The announcement of the Plug Power hydrogen JV, while small, highlights material upside optionality for Olin over the medium term given likely minimal incremental cost and the higher value of byproduct hydrogen into fuel cell markets. We believe a reasonably conservative total EBITDA contribution from the North American footprint could eventually top $100 mn of EBITDA. Layering this on top of the planned Mitsui JV, which will significantly increase logistical reach and total spot tonnage under a more price-focused commercial strategy, we see attractive upside to out-year estimates free from commodity S/D opinions."



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