LyondellBasell price target lowered to $110 from $112 at RBC Capital
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RBC Capital lowered the firm’s price target on LyondellBasell to $110 from $112 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for Commodity Chemicals names. Earnings expectations in the second half of 2024 have come down further due to ongoing Europe weakness and unplanned outages throughout the quarter, and while construction demand should improve on interest rate cuts, the benefits are not likely to occur until mid-2025, the analyst tells investors in a research note. For LyondellBasell, RBC is cautious on the company’s delayed volume recovery expectation, though it sees polyolefins margins and Polyethylene prices improving with better demand, the firm added.
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