Oiln (OLN) PT Raised to $88 at Stifel

Stifel analyst Vincent Anderson raised the price target on Oiln (NYSE: OLN) to $88.00 (from $76.00) while maintaining a Buy rating.

The analyst commented, "Olin posted another strong quarter and guidance ahead of our expectations. Additionally, capital return targets provided clear direction on use of cash that should continue to help support shares. We remain constructive on epoxy margins into 2022 given Olin's uniquely large (leading US and Western European producer) and vertically integrated asset base, which along with cost improvements, helped margins outperform our expectations in the quarter despite raw material inflation. In Chlor-Alkali, caustic soda prices have surged in line with our price indicator. We keep our expectations in check relative to most recent spot pricing ($700/t Asia), but increase our price deck (~$475/t). We raise our target price on higher estimates, but expect a continued "prove it" period given strong 2021 pricing, albeit one worth owning shares through given the valuation upside and significant cash generation."

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