KeyBanc lowered the firm’s price target on LyondellBasell to $74 from $85 and keeps an Underweight rating on the shares. The firm notes that LyondellBasell’s Capital Markets Day highlighted a meaningful shift in approach to growth, investments, and internal culture. The new strategy contrasts with the prior messaging of favorable supply/demand dynamics in major chains, cost advantage, cost control and asset-driven growth, KeyBanc says.
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