Wells Fargo lowered the firm’s price target on LyondellBasell to $105 from $109 and keeps an Overweight rating on the shares. The firm notes PE export dynamics have improved back to normalized levels, with potential for pricing stability and momentum with a firm recovery in 2024. LyondellBasell is at an attractive multiple, based on a mid-cycle EBITDA of $7.0B-$7.5B, Wells adds.
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