As reported earlier, RBC Capital analyst Arun Viswanathan downgraded Olin to Sector Perform from Outperform and lowered his price target to $34 from $38. The analyst notes that while there may be some upside left "across the system", the risk-reward is less favorable given that the caustic soda prices are now likely beyond the mid-cycles, while the company's other businesses need to show a more sustainable stability before he can consider a more constructive stance. Viswanathan also sees continued volatility in the Ethylene Dichloride prices, underperforming Winchester business, and limited epoxy upside.