Nomura Instinet analyst Aleksey Yefremov upgraded six names in Cyclical Chemicals ahead of the Q1 reporting season. The analyst sees the valuations as "encouraging" versus more defensive chemicals and the broader market. Select commodity prices are confirming better macro data, but large supply additions "are a limiting factor on how high stocks can go," Yefremov tells investors in a research note. China macro data continued to improve recently and valuations for the six upgrades are below cycle-average, says the analyst. He upgraded to Buy from Neutral shares of Dow Inc. (DOW), Eastman Chemical (EMN), Huntsman (HUN) and LyondellBasell (LYB) and to Neutral from Sell shares of Westlake Chemical (WLK) and Olin (OLN).

RBC Capital raised the firm's price target on Eastman Chemical to $104 from $100 and keeps a Sector Perform rating on the shares after its Q1 earnings beat. The company's volumes should gradually recover through the year, and with good operational leverage to demand recovery, Eastman Chemica looks set up for a solid 2025, the analyst tells investors in a research note. The firm adds however that it sees the stock as "fairly valued" at its current trading levels.

Piper Sandler raised the firm's price target on Eastman Chemical to $105 from $90 and keeps a Neutral rating on the shares following Q1 results and updated guidance for the remainder of the year. The firm cites better-than-expected Q1 earnings and a somewhat more robust outlook for the industry and the end markets Eastman is tied to.

Mizuho raised the firm's price target on LyondellBasell to $108 from $98 and keeps a Neutral rating on the shares. The analyst updated the company's model post earnings, saying the oil-gas benefit continues.

BofA lowered the firm's price target on Eastman Chemical to $112 from $113 and keeps a Buy rating on the shares. Solid organic growth in Q1 is "poised to accelerate further," says the analyst, who notes that Eastman guided to Q2 adjusted EPS of $2, below the firm's going-in estimate of $2.23. However, the firm expects second half earnings to increase and more favorable below-the-line items boost its 2024 estimate to $7.80 from $7.70 previously, while it is also slightly raising its 2025-26 EBIT estimates.

Piper Sandler raised the firm's price target on Olin to $75 from $72 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 earnings that generally exceeded consensus estimates. More importantly though, it pointed to modestly improving market environments with price hikes and increasing demand driving the expectations for higher earnings in Q2.

Piper Sandler raised the firm's price target on Dow Inc. to $68 from $67 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 earnings that generally exceeded consensus estimates. More importantly though, it pointed to modestly improving market environments with price hikes and increasing demand driving the expectations for higher earnings in Q2.

Citi analyst Patrick Cunningham lowered the firm's price target on Olin to $64 from $67 and keeps a Buy rating on the shares following the Q1 report. The analyst says the chlor alkali products and vinyls volume recovery is expected to be more pronounced than price and as Olin highlighted it will not be pushing volume into the market but will instead adjust operating rates to account for seasonal volume step-up.

KeyBanc lowered the firm's price target on Olin to $73 from $78 and keeps an Overweight rating on the shares. Earnings continue to recover, and the update demonstrated that growth is likely to continue into the second half of 2024, the firm says. The degree of this recovery based on management's Q2 guidance is somewhat less steep, making the 2024 guidance of around $1.3B an achievable but optimistic scenario, in KeyBanc's view.