Shares of Olin Corporation (OLN) plummeted 5.11% in intraday trading, as multiple analysts lowered their price targets for the chemical manufacturing company. The stock's decline comes amid a series of less optimistic outlooks from Wall Street firms.
RBC Capital maintained its Sector Perform rating on Olin but reduced its price target from $28 to $25. Similarly, Truist Securities kept its Hold rating while lowering its price target from $25 to $24. These downgrades suggest a more cautious stance on Olin's near-term prospects, likely contributing to the significant sell-off in the stock.
According to data from FactSet, Olin currently has an average rating of Hold among analysts, with a mean price target of $27.47. The recent price target cuts, however, indicate that this consensus may be shifting towards a more bearish outlook. Investors appear to be reacting to these revised valuations, leading to the sharp decline in Olin's stock price during the trading session.
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