KeyBanc upgraded Westlake to Sector Weight from Underweight without a price target. Coming out of the chemicals Q2 earnings season, second half of 2023 earnings expectations were largely reset lower, the analyst tells investors in a research note. The firm says valuations in the sector “are starting to look more attractive,” with the median stock down 11% since August 1. It also expects 2024 volumes to be much less affected by destocking, compared to 2023.
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