LyondellBasell assumed with Outperform from Underperform at Credit Suisse

Credit Suisse analyst Matthew Skowronski double upgraded LyondellBasell to Outperform from Underperform with a $109 price target after assuming coverage of the name. The analyst expects 2023 to represent a "near-term trough" for earnings for LyondellBasell. Recently constructed capacity could offer upside if a commodity price recovery happens quicker than expected, the firm tells investors in a research note. It remains concerned that demand and integrated polyethylene margins could surprise to the downside, but believes investors will continue to ascribe a higher multiple to LyondellBasell given trough earnings in 2023.