LyondellBasell upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded LyondellBasell (LYB) to Overweight from Sector Weight with a $73 price target The firm adjusted ratings in the chemicals space as part of a Iran war “commodities playbook.” KeyBanc sees the war as a positive catalyst for U.S. petrochemicals. It sees “upside risks” to commodity margins over the next few quarters as rising crude oil prices lift the global cost curve. In addition, the conflict could temporarily tighten global polyethylene supply by 5%-10% amid low inventories in the chain, the analyst tells investors in a research note. As such, KeyBanc upgraded Dow and LyondellBasell.