Citi analyst Patrick Cunningham lowered the firm’s price target on LyondellBasell (LYB) to $40 from $43 and keeps a Neutral rating on the shares. Citi also opened a “downside 90-day catalyst watch” on the shares. The firm believes LyondellBasell could announce a dividend cut with its Q4 results. The company’s dividend yield is now 12.4%, the highest in the group, the analyst tells investors in a research note.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LYB:
- LyondellBasell downgraded to Underperform from Market Perform at BMO Capital
- LyondellBasell price target lowered to $49 from $52 at Mizuho
- Early notable gainers among liquid option names on December 9th
- LyondellBasell put volume heavy and directionally bearish
- Sell Rating Issued for LyondellBasell Amid Weak Macroeconomic Environment and Operational Challenges