LyondellBasell price target lowered to $105 from $110 at Wells Fargo

Wells Fargo lowered the firm’s price target on LyondellBasell (LYB) to $105 from $110 and keeps an Overweight rating on the shares. The firm notes the company’s O&P – Americas results and outlook remain largely positive, with October order books the strongest yet this year. Wells sees an attractive upside in a recovery to $105 based on a mid-cycle EBITDA multiple of about 5.5-times.