JPMorgan analyst Jeffrey Zekauskas downgraded LyondellBasell to Underweight from Neutral and lowered his price target for the shares to $95 from $110. Consensus expectations have the company facing a "shallow trough" in petrochemical pricing leading to flat to lower consolidated EBITDA in 2019, Zekauskas tells investors in a research note. The analyst, however, believes the recent sharp rise in feedstock costs for Lyondell, particularly due to the rise in the price of ethane, alters this view. He believes raw material volatility undermines confidence in LyondellBasell's business forecasts for 2019 and that this uncertainty "will lead to a somewhat lower trading multiple."