Westlake downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Jeffrey Zekauskas downgraded Westlake to Underweight from Neutral with a price target of $123, up from $120. Westlake shares have outperformed the other deeper cyclical petrochemical companies since June, but Westlake does not offer the high free cash flow yield and large share repurchase capabilities of Olin nor does it offer the high 5%-plus dividend yields of Dow and Lyondell, the analyst tells investors in a research note. The firm expects Westlake’s business conditions continue to soften into the second half of 2023.