RBC Capital lowered the firm’s price target on LyondellBasell to $108 from $116 but keeps an Outperform rating on the shares. The analyst is citing weaker Oxyfuels markets in Q4 and lower Maya crack 2-1-1 spreads, but also sees the stock’s earnings multiple troughing in the second half of FY23 and sees the valuation “poised for gradual improvement” in 2024-25 on slowly improving demand and producer discipline.
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