Jefferies Raises Price Target on LyondellBasell Industries (LYB) to $88; Reiterates Hold

September 22, 2016 7:20 AM EDT
Get Alerts LYB Hot Sheet
Price: $90.05 +0.09%

Rating Summary:
    9 Buy, 13 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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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."

For an analyst ratings summary and ratings history on LyondellBasell Industries click here. For more ratings news on LyondellBasell Industries click here.

Shares of LyondellBasell Industries closed at $78.14 yesterday.

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