Wells Fargo upgraded LyondellBasell Industries to Overweight from Equal Weight and raised its price target to $98 from $80, citing the company's ability to benefit from higher polyethylene prices. The stock, which currently trades at $58.25, pays a quarterly dividend of $0.69 per share for a yield of about 6.86%. Polyethylene prices have risen by $0.30 a pound since the US-Iran war started, and Wells Fargo expects this to drive further upward earnings revisions as LyondellBasell maximizes exports. The company has historically exported 30% to 40% of its US Gulf Coast supply.
LyondellBasell Industries NVWells Fargo upgraded to Overweight and raised price target, citing higher polyethylene prices.