Westlake price target lowered to $166 from $168 at Truist

Truist analyst Peter Osterland lowered the firm’s price target on Westlake (WLK) to $166 from $168 but keeps a Buy rating on the shares after its Q4 results. Volatility in Performance and Essential Materials segment drove a Q4 miss, but Westlake appears to be seeing positive signs for demand and pricing to start the year as its management guided to continued sales growth in Housing and Infrastructure Products segment despite expectations for flat housing starts in FY25, with margin guidance that looks “conservative”, the analyst tells investors in a research note. Truist adds that it continues to believe that as Westlake demonstrates the benefits of its diversified and vertically integrated business model, a multiple re-rating is warranted.