Goldman Sachs Downgrades LyondellBasell Industries (LYB) to Neutral

Goldman Sachs downgraded LyondellBasell Industries (NYSE: LYB) from Buy to Neutral with a price target of $57.00 (from $62.00).

The firm comments, "We upgraded LYB to Buy in January on the premise that consensus was overestimating ethane feedstock costs and that the deterioration in ethane prices as new infrastructure was built would lead to a step-change higher in consensus peak earnings estimates. YTD ethane prices have fallen 64% and the consensus EPS estimate for LYB has risen 15%, in line with our thesis. While we continue to believe that consensus ethane price estimates for 2013 are too high, we acknowledge that there is currently little downside left to ethane prices given the recent rise in natural gas prices."

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 $50.65 yesterday.

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