LyondellBasell price target lowered to $80 from $94 at Deutsche Bank

Deutsche Bank analyst David Begleiter lowered the firm’s price target on LyondellBasell (LYB) to $80 from $94 and keeps a Hold rating on the shares. To reflect lower integrated ethylene/polyethylene margins including the full impact of October contract price declines, lower margins due to higher butane prices and more adverse currency headwinds, the firm cut its Q4 EBITDA estimate by $335M, or 34%, to $650M.