LyondellBasell price target lowered to $46 from $52 at BofA

BofA analyst Matthew DeYoe lowered the firm’s price target on LyondellBasell (LYB) to $46 from $52 and keeps a Neutral rating on the shares. The firm is updating its price targets for Chemicals under its coverage, the analyst tells investors. Commodities face another year of growing oversupply, specialties continue to manage an inconsistent backdrop, and agriculture presents a more mixed setup, the firm adds. BofA highlights that there are areas for optimism, with several possible catalysts for the stocks including PMI indicators shifting positive, rate cuts, and potential capacity rationalization in China. The firm cautions, however, that these catalysts are too new to rely on.