LyondellBasell's stock falls after J.P. Morgan turns bearish on rise in feedstock costs [MarketWatch]
LyondellBasell Industries NV Ordinary Shares Class A (Netherlands) (LYB)
Last lyondellbasell industries nv ordinary shares class a (netherlands) earnings: 5/1 06:30 am
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Source: MarketWatch
LyondellBasell's stock falls after J.P. Morgan turns bearish on rise in feedstock costs Shares of LyondellBasell Industries NV LYB, -0.21% dropped 2.2% in premarket trade Wednesday, after J.P. Morgan turned bearish on the chemical company, citing the recent sharp rise in feedstock costs. Analyst Jeffrey Zekauskas cut his rating to underweight, after being at neutral since June 2016. He also slashed his stock price target to $95, which is 7% below Tuesday's closing price, from $110. Zekauskas said his new bearish stance is driven primarily by the big jump in ethane prices, which has increased 50% since August. "The supply/demand characteristics of ethane are much tighter than had been understood previously," Zekauskas wrote in a note to clients. "We believe that the raw material volatility undermines confidence in Lyondell's business forecasts for 2019." The stock has lost 8.2% over the past three months, while the SPDR Materials Select Sector ETF XLB, +1.11% has tacked on 2.0% a
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- LyondellBasell Industries (NYSE: LYB) had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $100.00 to $105.00. They now have a "hold" rating on the stock.MarketBeat
- LyondellBasell Industries (NYSE: LYB) had its price target raised by analysts at BMO Capital Markets from $99.00 to $105.00. They now have a "market perform" rating on the stock.MarketBeat
LYB
Earnings
- 4/26/24 - Beat
LYB
Sec Filings
- 4/26/24 - Form 10-Q
- 4/26/24 - Form 8-K
- 4/8/24 - Form ARS
- LYB's page on the SEC website