LyondellBasell upgraded to Buy from Neutral at Citi

Citi upgraded LyondellBasell to Buy from Neutral with a price target of $106, up from $104, ahead of the company’s Q3 earnings report. The analyst noted that the “prevailing narrative of softer supply and weak primary demand across the broader chemicals space persisted into 3Q23,” and believes expectations for Q3 “point to modest guidance cuts in the case of commodity & intermediate companies” and also sees consensus estimates likely to come down for 2024. However, the analyst added that recent run-up in oil prices has the firm “more constructive on cyclical commodity chemical names, especially given recent selloffs.”