Westlake price target raised to $103 from $95 at KeyBanc

KeyBanc raised the firm’s price target on Westlake to $103 from $95 on the back of stronger earnings than initially forecast, while keeping an Overweight rating on the shares. The firm believes the shares’ underperformance after the Q4 report comes as a result of management’s tone suggesting only modest quarter-over-quarter improvement in Q1. KeyBanc senses investors were hopeful that the end of destocking was in sight and there would be a more noticeable pickup in PE and PVC markets.