RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Westlake (WLK) to $96 from $122 and keeps an Outperform rating on the shares. The company’s Performance and Essential Materials – PEM – segment saw significantly lower earnings than the firm expected given about $80M of outages, higher purchased ethylene costs, and higher nat gas prices, the analyst tells investors in a research note. RBC sees “significant near-term earnings pressure” for Westlake.
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