LyondellBasell price target lowered to $112 from $117 at Piper Sandler

Piper Sandler lowered the firm’s price target on LyondellBasell (LYB) to $112 from $117 and keeps an Overweight rating on the shares after third quarter results. The slight decline in the multiple reflects Piper’s belief that despite its earnings reduction the firm has actually moved closer to midcycle earnings due to its revision of the midcycle level. Piper told investors that low costs also increase the market for U.S. exports, especially of ethylene derivatives, keeping the US domestic market balanced and prices at higher levels than would otherwise be the case.