Truist lowered the firm’s price target on Westlake (WLK) to $90 from $94 and keeps a Buy rating on the shares. The firm is citing its more muted earnings expectations for both the Performance & Essential Materials, PEM, and Housing & Infrastructure Products, HIP, segments, the analyst tells investors in a research note. Truist adds that the assumed EBITDA multiple is supported by the company’s integration into HIP, which provides earnings stability and margin accretion relative to the PEM commodity chemicals business.
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