LyondellBasell price target lowered to $110 from $113 at JPMorgan

JPMorgan lowered the firm’s price target on LyondellBasell to $110 from $113 and keeps an Overweight rating on the shares. Dow and Lyondell have near-term earnings issues and both are likely to report weak Q3 results, the analyst tells investors in a research note. However, the firm says cyclical recovery potential should allow both to outperform in a declining interest rate environment. Near-term earnings weakness “also seems de-risked,” JPMorgan adds.