BMO Capital analyst John McNulty upgraded LyondellBasell (LYB) to Market Perform from Underperform with a price target of $68, up from $38. The firm cites the “significant recent changes” in the global polyethylene market due to the Iran conflict for the upgrade. With the temporary shuttering of 12%-13% of the world’s polyethylene supply, the market has shifted to tight supply, which may remain tight for the foreseeable future, the analyst tells investors in a research note. This should benefit LyondellBasell’s earnings and cash flows, reducing the near-term risk in the stock, says BMO.
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