Nomura Securities Remains Sidelined as Westlake Chemical (WLK) Agrees to Acquire Axiall

Nomura Securities reiterated a Neutral rating on Westlake Chemical (NYSE: WLK), and raised the price target to $53.00 (from $50.00), following the company's announced agreement to acquire chlor-alkali/PVC producer Axiall.

Analyst Aleksey Yefremov commented, "Following Westlake’s definitive agreement to acquire chlor-alkali/PVC producer Axiall, the company has increased its exposure to nascent recovery in chlor-alkali cycle to ~35% of pro forma EBITDA. After a negative 2Q preannouncement at chlor-alkali competitor OLN, investors are evaluating whether WLK provides a more attractive entry into the industry."

For an analyst ratings summary and ratings history on Westlake Chemical click here. For more ratings news on Westlake Chemical click here.

Shares of Westlake Chemical closed at $45.74 yesterday.

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