Nomura Securities Starts Oiln (OLN) at Neutral

Nomura Securities initiates coverage on Oiln (NYSE: OLN) with a Neutral rating and a price target of $26.00.

Analyst Aleksey Yefremov commented, "We initiate coverage of Olin Corporation (OLN) with a Neutral rating and a $26 target price. Our outlook is based on (1) near-term softness in caustic soda prices, which more than offsets tighter chlorine, (2) Olin’s elevated net leverage of 3.1x 2015 PF EBITDA, and (3) the complex integration associated with the pending RMT acquisition of Dow’s chlor-alkali and derivatives business. OLN currently trades at 6.8x PF 2015E EV/EBITDA; we think better values exist elsewhere in the petrochemical space (LYB at 6.2x EV/2015 EBITDA), or in more differentiated hybrid plays such as DOW, EMN, or HUN."

For an analyst ratings summary and ratings history on Oiln click here. For more ratings news on Oiln click here.

Shares of Oiln closed at $23.48 yesterday.

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