UBS earlier maintained a Sell rating on Oiln (NYSE: OLN) and lowered its price target to $28.00 (from $30.00). Comments follow Q1 results. Analyst John Roberts noted focus remains on its upcoming deal with Dow Chemical (NYSE: DOW).

"Adj. op income/EBITDA of $38M/$72M were below UBSe of $41M/$76M. Business segment trends in 2Q will remain largely unchanged from 1Q and '15E EBITDA guidance remains in the $340M-$380M range," said Roberts.

"DOW and OLN recently announced they will merge Dow Chlorine Products (DCP) with OLN in a tax-advantaged RMT deal. OLN was the least integrated global player. Westlake & Formosa in the U.S. (others globally) will remain more vertically-integrated as OLN still owns no ethylene, and is not integrated into PVC & fabricated products. The acquired epoxy unit is also challenged. About 40% of the global vinyls market is acetylene-based (largely in China), and the top-10 ethylene-based vinyls producers are only 45% of that segment. In general, the market remains fragmented & oversupplied," added the analyst.

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Shares of Oiln closed at $30.64 yesterday.