Deutsche Bank Maintains Buy On Lyondellbasell Industries Shares, $125 PT
In a research report issued today, Deutsche Bank analyst David Begleiter maintained a Buy rating on Lyondellbasell Industries (NYSE:LYB) with a price target of $125.
Begleiter said, “Since closing at a near record high of $114 on September 19, Lyondell shares are down 25%. This compares to a 7% decline for the S&P 500. The primary driver of Lyondell’s share price weakness has been the decline in Brent crude oil prices from $98/bbl to $83/bbl, a drop of 15%. The lower Brent price has the effect of reducing the cost advantage of US ethane-based ethylene producers versus naphtha-based producers in Europe and Asia.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Begleiter has a total average return of 3.5% and a 56.9% success rate. Begleiter has a 19.6% average return when recommending LYB, and is ranked #899 out of 3335 analysts.