LyondellBasell price target lowered to $104 from $110 at RBC Capital

RBC Capital lowered the firm’s price target on LyondellBasell (LYB) to $104 from $110 but keeps an Outperform rating on the shares after its Q3 earnings miss. Expectations for the quarter had declined given weak earnings from the company’s peers, and hence LyondellBasell shares saw a relatively neutral reaction to its Q3 miss and soft Q4 outlook, the analyst tells investors in a research note. RBC adds however that it remains positive on the stock based on an eventual chemicals industry recovery, high capital return, and a lower capex relative to peers.