LyondellBasell price target raised to $99 from $92 at BofA

BofA analyst Steve Byrne raised the firm’s price target on LyondellBasell to $99 from $92 and keeps an Underperform rating on the shares after a Q2 beat that came along with explicit EBITDA guidance for Q3 implying a range “well below” the $1.405B consensus. Bottoming “does not equal acceleration, at least not yet,” the analyst says, noting that the firm is cutting its 2023 EBITDA outlook to $5.306B from $5.434B on account of the softer outlook and volume compression.