LyondellBasell price target raised to $38 from $36 at BMO Capital

BMO Capital raised the firm’s price target on LyondellBasell (LYB) to $38 from $36 but keeps an Underperform rating on the shares. The management announced the much-anticipated dividend cut to stabilize its balance sheet, though the reduction falls short of a safe level given the ongoing weak demand environment, the analyst tells investors in a research note.