UPDATE: KeyBanc Upgrades Oiln (OLN) to Overweight
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KeyBanc analyst Aleksey Yefremov upgraded Oiln (NYSE: OLN) from Sector Weight to Overweight with a price target of $64.00.
The analyst comments "We see the recent spike in global energy as favorable to OLN, both in the short and long term. We estimate European chlor-alkali (12% of global capacity) cash costs would rise ~$700/ton in March vs. February if current forward electricity prices in the region hold. This benefits OLN, which has no chlor-alkali assets in Europe. This only adds to already tight caustic soda markets. We also believe that the long-term chlor-alkali costs will be higher in Europe as a result of the Russia/Ukraine conflict. We upgrade OLN to Overweight with a $64 PT."
Shares of Oiln closed at $48.67 yesterday.
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