LyondellBasell Industries (LYB) PT Raised to $135 as Jefferies Sees MidCycle >20% Above 2022

Jefferies analyst Laurence Alexander raised the price target on LyondellBasell Industries (NYSE: LYB) to $135.00 (from $130.00) noting that the strong industrial and consumer demand, low inventories, and customer order backlogs, indicate that the strong momentum of the past couple of quarters should continue for the rest of the year and into 2022.

The analyst reiterated a Buy rating, stating "Given the strength in the leading indicators, we expect petrochemical prices to remain strong through at least 2Q22. We are raising 2021 EBITDA 5% and 2022 18%: the next mid-cycle will likely be >20% above 2022."

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