RBC Capital Upgrades Westlake Chemical (WLK) to Outperform

RBC Capital analyst Arun Viswanathan upgraded Westlake Chemical (NYSE: WLK) from Sector Perform to Outperform with a price target of $174.00 (from $157.00).

The analyst comments: "We upgrade WLK to Outperform from Sector Perform on: 1) PEM earnings at trough; 2) continued strong HIP performance; and 3) strong capital deployment into M&A. We raise our FY25E EBITDA to $2.85B (from $2.75B) and our PT to $174 (from $157) on 8.0x FY25E EBITDA. HIP has seen strong performance for several quarters despite a sluggish macro, as WLK continues to gain share with customers that are in turn gaining share in their respective markets. We believe HIP and PEM should see stronger demand as potential future rate cuts benefit B&C activity."

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 $144.58 yesterday.

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