Wells Fargo lowered the firm’s price target on LyondellBasell to $65 from $75 and keeps an Overweight rating on the shares. The firm acknowledges that being positive on Parsley Energy (PE) and LyondellBasell (LYB) has not been the right call, as LyondellBasell’s stock is down about 28% year-to-date and would need to see a positive inflection over the next year to turn the corner. However, LyondellBasell has strong earnings upside in a recovery, Wells adds.
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