Olin Corporation's stock price plummeted by 5.02% in the pre-market session on Monday, following Barclays analyst Michael Leithead's decision to lower the firm's price target on the company from $43 to $34.

In a research note, Leithead maintained an Equal Weight rating on Olin shares after the price target revision. The analyst's move reflects concerns or revised expectations regarding Olin's future performance and prospects.

Analyst price target changes often influence stock prices, as they signal shifts in Wall Street's perception of a company's valuation. Leithead's substantial reduction in the price target for Olin appears to have contributed to the sharp pre-market decline in the stock.