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Fly News Breaks for October 3, 2019
WLK, OLN
Oct 3, 2019 | 06:24 EDT
Barclays analyst Michael Leithead says lower caustic soda prices "once again lead earnings estimates lower" for both Olin (OLN) and Westlake Chemical (WLK). After September caustic soda contract prices "surprisingly" settled down $10/dst in recent days, the analyst lowered his estimates for both companies. His numbers for both show ~10% downside risk to consensus second half of 2019 EBITDA estimates. Leithead lowered his price target for Equal Weight-rated Olin to $21 from $22 and for Equal Weight-rated Westlake to $65 from $71.
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