Westlake price target lowered to $135 from $165 at Deutsche Bank

Deutsche Bank analyst David Begleiter lowered the firm’s price target on Westlake (WLK) to $135 from $165 and keeps a Buy rating on the shares. To reflect lower integrated ethylene/polyethylene margins including the full impact of October contract price declines, rising feedstock ethane costs, “more muted” demand outlook into U.S. building and construction due to elevated interest rates and more adverse currency headwinds, Deutsche Bank cut its Q4 EBITDA estimate by $14M, or 3%, to $490M.