LyondellBasell price target raised to $50 from $46 at BofA

BofA raised the firm’s price target on LyondellBasell (LYB) to $50 from $46 and keeps a Neutral rating on the shares. The firm is lowering its estimates on account of the weaker Q1 guidance and the expectation of lower for longer operating rates as LyondellBasell looks to run production below capacity. However, despite the cut, the firm increased its price target as it raised the forecast to 10x EBITDA as earnings trough.