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Westlake downgraded to Underperform at Scotiabank on macro headwinds
The Fly

Westlake downgraded to Underperform at Scotiabank on macro headwinds

As previously reported, Scotiabank analyst Ben Isaacson downgraded Westlake to Underperform from Sector Perform with a price target of $100, down from $122. Westlake has higher North American exposure than most of its chemical peers at a time when the U.S. is likely to enter a recession on a lagged basis, Issacson tells investors. Meanwhile, new residential home starts continues to weaken, integrated PVC margin compression is ongoing and weak domestic demand for PE/PVC have led to increased exports for Westlake but export PVC prices are much lower than domestic contract prices, Isaacson added.

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