Westlake price target lowered to $167 from $170 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Westlake (WLK) to $167 from $170 and keeps an Outperform rating on the shares after its Q3 earnings miss. Absent the $120M of outage and weather impacts, Westlake’s Q3 would have been in line with consensus, the analyst tells investors in a research note. RBC adds however that Westlake expects some price/cost headwinds in its Performance and Essential Materials segment, also warning that global demand for durables remains weak, particularly in China and Europe.