UBS analyst Joshua Spector downgraded LyondellBasell (LYB) to Sell from Neutral with a price target of $51, down from $76. While demand has been weak for nearly two years, the company’s earnings are now getting more pressured by higher costs and continued new global supply, the analyst tells investors in a research note. The firm sees theh polyethylene and polypropylene markets as two of the most oversupplied markets in its coverage. This could take years to rebalance, contends UBS.
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