SunTrust analyst James Sheehan downgraded Olin to Hold from Buy with a price target of $19, down from $27, after its Q3 earnings miss and a cut in its FY19 guidance. The analyst says his expected strengthening in supply/demand for chlor-alkali did not materialize since "chlorine demand has outpaced caustic soda demand", which is the reverse of the typical trend during economic slowdown. Sheehan adds that the high chlor-alkali operating rates are likely to be sustainable next year, which should prevent caustic soda prices from gaining traction. The analyst further notes that at current levels, he sees the upside and downside risks on the stock as "fairly balanced".