LyondellBasell downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst David Begleiter downgraded LyondellBasell to Hold from Buy with an unchanged price target of $105. The downgrade is based on the forecasted slow recovery of global ethylene and polyethylene operating rates in 2025 and 2026 versus projected trough conditions in 2024. Global ethylene derivatives demand remains too low to absorb the 20%-25% increase in global ethylene and polyethylene capacity over the past four years, the analyst tells investors in a research note.