LyondellBasell upgraded to Overweight from Neutral at Alembic Global

Alembic Global upgraded LyondellBasell (LYB) to Overweight from Neutral with a price target of $100, up from $66. The firm views the selloff in the shares on the Middle Ease ceasefire as overdone. The Middle East petrochemical supply chain will take time to normalize after the war, the analyst tells investors in a research note. Alembic says that even in the absence of lasting infrastructure damage, a recovery will take 8-9 months. The firm sees petrochemical prices remaining elevated, providing earnings upside for both Dow and LyondellBasell.