LyondellBasell price target lowered to $108 from $113 at Piper Sandler

Piper Sandler analyst Charles Neivert lowered the firm’s price target on LyondellBasell to $108 from $113 and keeps an Overweight rating on the shares. The analyst reduced estimates to reflect the company’s recent guidance, a “somewhat weaker” U.S. pricing environment and challenging macroeconomic conditions in Europe and Asia. The firm still believes LyondellBasell’s long-term cost structure will be strongly advantaged versus most other global commodity chemical producers for the foreseeable future.