Jefferies Raises Price Target on LyondellBasell Industries (LYB) to $88; Reiterates Hold
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Jefferies reiterated a Hold rating on LyondellBasell Industries (NYSE: LYB), and raised the price target to $88.00 (from $84.00). Jefferies expects capex to step up to $2.0-$2.5bn annually as LyondellBasell sequences larger growth projects.
Analyst Laurence Alexander commented, "We are raising 2017E $0.95 to $9.65 and 2018E $0.50 to $8.95. A 8x-10x nearterm range implies $72-$90 outside of a recession. Shares could gravitate to the higher end of range to the extent organic growth prospects are fleshed out and concerns over ethane supplies in 2H17-2018 are assuaged."
Shares of LyondellBasell Industries closed at $78.14 yesterday.
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