Citi analyst Patrick Cunningham upgraded Westlake (WLK) to Buy from Neutral with a price target of $140, down from $152. The firm thinks investors should buy the shares on the recent lag ahead of a potential housing rebound in the second half of 2025 or 2026, noting Westlake continues to gain share. While Citi is less constructive on commodity chemical fundamentals, it sees the potential for better pull-through of PVC and modest caustic improvements. In addition, epoxies have room for multi-year improvement supported by favorable anti-dumping rulings, the analyst tells investors in a research note. Citi adds Westlake has a strong balance sheet with ability to support shareholder yield and potential acquisitions.
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