UBS Upgrades Westlake Chemical (WLK) to Neutral
- Wall Street ends down sharply, hit by Apple and China worries
- Morgan Stanley's Tesla (TSLA) Twitter survey shows investors are concerned
- Apple (AAPL) threatened to withhold Twitter from App Store says Musk
- Black Friday frenzy generates record $9.1 billion in online sales - report
- Dollar rebounds on Fed expectations, Aussie drops
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
UBS analyst Joshua Spector upgraded Westlake Chemical (NYSE: WLK) from Sell to Neutral with a price target of $95.00 (from $92.00).
The analyst commented, "WLK is down ~40% from mid-year highs, and while risks remain around the housing cycle and PVC demand, we see risk/reward more balanced at current levels. With heightened demand risk near term it's too early for us to get more constructive, but we believe at these levels the downside is nearly priced in. We believe structural changes in market behavior have helped lift chlorine/caustic earnings. WLK also added near ~$0.5B EBITDA in acquisitions, and PVC markets could develop less slack vs prior downturns with minimal added supply near term. Our downside EBITDA ($2.6B vs $3.6B 2023 cons) is higher than WLK's 2020 low (~$1.25B) and average 2018/19 earnings (~$1.85B)."
Shares of Westlake Chemical closed at $90.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pinduoduo Inc. (PDD) PT Raised to $107 at Goldman Sachs
- Deutsche Bank Upgrades Canadian Pacific Railway Limited (CP) to Buy
- JPMorgan sees Ulta Beauty (ULTA) EPS 'well ahead' of consensus
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!