Citi analyst Patrick Cunningham raised the firm’s price target on Westlake to $143 from $130 and keeps a Neutral rating on the shares. A sluggish macro picture has pushed the recovery outlook for chemicals to the second half of 2024, says the firm, which prefers to stick with paints and coatings, citing price/cost and pockets of demand strength. The analyst took down the firm’s fiscal 2024 commodity chemical estimates by 7% on average due to spillover of weaker demand into the first half of the year with some modest recovery anticipated in the second half. Citi’s top pick in commodities and intermediates is Eastman Chemical (EMN).
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