LyondellBasell (LYB) Price Target Slashed by Evercore ISI Amid Industry Headwinds

LyondellBasell Industries N.V. (NYSE:LYB) ranks among the best specialty chemicals stocks to invest in. Evercore ISI reaffirmed its In Line rating on LyondellBasell Industries N.V. (NYSE:LYB) and lowered its price target from $90 to $65 on September 23. The price target has been lowered in light of Evercore ISI’s revised evaluation of LyondellBasell’s profits potential. The firm now projects a “near/medium-term’mid-cycle’ EBITDA of $5.5 Bn.”

Evercore ISI backs the decreased value based on a number of factors, including the fact that European operations are “right-sizing,” oxyfuels are “no longer over-earning,” and that the industry “oversupply” is predicted to persist into the latter part of the decade.

According to the firm, investors in the chemical industry are likely to wait for “tangible indications of improving conditions” before recognizing any recovery in profitability for companies such as LyondellBasell Industries N.V. (NYSE:LYB).

LyondellBasell Industries N.V. (NYSE:LYB) is a global leader in the production of chemicals, plastics, and polymers for a wide range of applications, including packaging, automotive components, and construction materials.

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Disclosure: None. This article is originally published at Insider Monkey.