Shares of Olin Corporation (OLN) plunged 5.16% in pre-market trading on Wednesday, following a target price reduction by Wells Fargo. The financial services company cut its price target for Olin from $22 to $21, signaling a less optimistic outlook for the chemical manufacturer.

The sharp decline in Olin's stock price suggests that investors are reacting strongly to this downward revision. Wells Fargo's decision to lower the target price could be interpreted as a sign of potential challenges or reduced growth expectations for the company in the near future.

While the specific reasons behind Wells Fargo's target price cut were not immediately clear, such adjustments are typically based on various factors, including the company's financial performance, industry trends, and broader economic conditions. Investors and analysts will likely be watching closely for any additional information or guidance from Olin Corporation to better understand the implications of this target price reduction.