UBS analyst John Roberts upgraded Olin Corp. (OLN) to Neutral saying shares should be supported by the 4% dividend yield and cost saves once the Reverse Morris Trust with Dow Chemical (DOW) is closed in early October. Roberts coupled the upgrade with a downgrade of Axiall (AXLL) to Sell.

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Reports Q1 revenue $1.64B, consensus $1.65B.CEO Ken Lane said, "All Q1 2024 business segment results improved sequentially from Q4 2023, which begins Olin's recovery from trough-level earnings. During the quarter, the Olin team delivered on our commitment to accelerate a favorable inflection point for our Chlor Alkali Products and Vinyls business. We expect this momentum to continue with Q2 2024 results, as demand and pricing continue to improve. We expect our Chemical businesses to be sequentially higher than first quarter 2024 levels and our Winchester business to be in line with first quarter results, as a less favorable mix and higher raw material costs offset stronger military volumes. Overall, we anticipate Olin's Q2 2024 adjusted EBITDA to improve from Q1 2024 levels. Based on our current outlook for the pace of demand and pricing improvement for our Chemical businesses, we currently believe Olin's full year 2024 adjusted EBITDA to be similar to or slightly higher than 2023 levels."

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