LyondellBasell price target lowered to $90 from $95 at Wells Fargo

Wells Fargo lowered the firm’s price target on LyondellBasell (LYB) to $90 from $95 and keeps an Overweight rating on the shares. While the firm is reducing its outlook to reflect another trough year, Wells remains bullish on the name given LyondellBasell’s dividend yield of 7%, stock underperformance and attractive mid-cycle EBITDA when the cycle recovers.