Westlake price target raised to $150 from $144 at Piper Sandler

Piper Sandler analyst Charles Neivert raised the firm’s price target on Westlake to $150 from $144 and keeps an Overweight rating on the shares. The firm cites Q3 results, adjustments to guidance and its recent channel checks in key product lines. Piper expects epoxy and derivative products to continue to be a significant drag on earnings for much of the first half of 2024, with second half of 2024 improving but still well below historical earnings contributions. The firm also expects the ethylene chain, vinyl chain and construction related products to fare somewhat better, although it still expects second half of 2024 to be far better than the first half of 2024.