LyondellBasell price target lowered to $82 from $92 at RBC Capital

RBC Capital lowered the firm’s price target on LyondellBasell (LYB) to $82 from $92 and keeps an Outperform rating on the shares as part of a broader research note previewing Q4 results for Commodity Chemicals names. The firm is citing the ongoing demand weakness and October’s PE – polyethylene – price drops, though pricing appear to be improving in Q1, the analyst tells investors in a research note. RBC adds however that while demand could improve on rate cuts, the firm now expects fewer and smaller cuts, with benefits that are not likely to occur until mid-2025 and Consumer demand remains subdued given lingering impacts from inflation.