LyondellBasell price target raised to $100 from $85 at Deutsche Bank

Deutsche Bank analyst David Begleiter raised the firm’s price target on LyondellBasell to $100 from $85 and keeps a Hold rating on the shares after its Q4 results. LyondellBasell’s EBITDA missed by 7% and its ex refining EBITDA was 26% below consensus. The firm believes the company’s weak Q4 should mark the bottom, but upside is largely priced into the stock. While the company is cautious on 1H23 due to weak global demand, LyondellBasell believes outlook will improve beyond Q1 on moderating energy and feedstock costs as well as China reopening.