In a report published Monday, Jefferies analyst Laurence Alexander downgraded the rating on LyondellBasell Industries NV LYB from Buy to Hold, and lowered the price target from $110.00 to $85.00.
In the report, Jefferies noted, “The recent downdraft in oil prices implies a flatter petrochemical cost curve, less demand for NGVs, a downshift in energy infrastructure capex, and a margin tailwind for downstream chemicals. Tilt towards the consumer, away from the cracker, and stay wary of whipsaws in soy (biodiesel) and corn (ethanol).”
LyondellBasell Industries NV closed on Friday at $78.86.
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