Westlake price target lowered to $160 from $180 at Wells Fargo

Wells Fargo lowered the firm’s price target on Westlake (WLK) to $160 from $180 and keeps an Overweight rating on the shares. Despite cutting its outlook, the firm remains bullish on Westlake as HIP has provided a more stable earnings stream vs. the company’s commodity franchise, which should lift its multiple over time. Wells still sees strong upside to mid-cycle EBITDA.