Oiln (OLN) PT Raised to $64 at Stifel

April 29, 2021 1:32 PM EDT
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Price: $48.75 +1.69%

Rating Summary:
    17 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 9 | New: 61
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Stifel analyst Vincent Anderson raised the price target on Oiln (NYSE: OLN) to $64.00 (from $46.00) while maintaining a Buy rating on de-risked baseline margins, balance sheet.

The analyst commented, "We are raising our estimates for Olin following 1Q21 earnings and updated guidance. To-date, chlor-alkali fundamentals remain strong, mainly on the chlorine side. Despite the strength in vinyls, caustic soda has so far seen minimal pressure that would normally accompany this pricing imbalance. The solid market dynamics are underpinning the company's go-forward commercialization strategy, which has already led to exceptional margin expansion (net of hedge gains) despite CA&V revenues remaining below past cycle levels. Given the significant deleveraging to take place over 2021 (moving from ~5.8x EBITDA year-end 2020 to est. <1.5x by year-end 2021) we believe there is ample upside for shares on balance sheet de-risking alone, even if it takes some time to convince investors that 2022 earnings growth remains attainable against the strong start to 2021. We maintain our Buy rating and raise our target price from $46 to $64."



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