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Fly News Breaks for May 8, 2017
LYB
May 8, 2017 | 07:23 EDT
BofA/Merrill analyst Steve Byrne downgraded LyondellBasell two notches to Underperform from Buy and lowered its price target to $80 from $100 telling investors supply growth is set to impact margins. The analyst said polyethylene industry is over-earning and capacity has accelerated and will result in global polyethylene supply growth that is expected to exceed demand through 2018. Byrne now sees risks to consensus 2019+ operating rates as new projects are announced.
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