** Shares of chemicals company Olin Corp OLN.N fall 4.3% to $19.92

** BofA Global Research cuts rating to "underperform" from "buy", reduces PT to $21 from $32 - among the lowest by Wall Street analysts - per LSEG-compiled data

** New PT implies just a 5% premium to current trading price of $19.92

** Brokerage says earnings growth trajectory more muted than they had expected as closure of the Strait of Hormuz - a crucial waterway for chemicals and fertilizer transportation - did not sustain price inflation

** Says co's merger with peer Huntsman HUN.N a sign of "stagnant cycle dynamics"; HUN tied to housing and construction and synergies only realized when macroeconomic factors drive core growth

** OLN had announced it will buy HUN in an all-stock deal valued at about $2.43 bln earlier in June

** The average rating of 17 brokerages is a 'hold'; its median PT is $30 - LSEG data

** Including session's moves, stock is down 4.2% YTD