BofA lowered the firm’s price target on Westlake (WLK) to $90 from $103 and keeps a Buy rating on the shares. The firm would judge Westlake’s Q1 performance as “the worst within the commodity chems group,” but it believes the stock still warrants a Buy rating given its strong balance sheet. Even with reduced estimates, the firm projects the company’s net leverage will be at just 1.1-times by year-end, allowing Westlake to capitalize on this downturn through buybacks and acquisitions, the analyst tells investors.
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