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DOW

Dow Inc.

$53.37

-0.91 (-1.68%)

, LYB

LyondellBasell

$92.63

0.13 (0.14%)

07:43
12/02/19
12/02
07:43
12/02/19
07:43

Morgan Stanley downgrades Dow to Equal Weight, prefers LyondellBasell in 2020

As previously reported, Morgan Stanley analyst Vincent Andrews downgraded Dow Inc. (DOW) to Equal Weight from Overweight with an unchanged price target of $58. Concurrently, Andrews resumed coverage of LyondellBasell (LYB) with an Overweight rating and $110 price target. Though he notes his price target for LyondellBasell, with 19% upside, "is generally not enough for us to advise putting new money to work in a commodity chemical stock," Andrews believes investors should own a commodity name in 2020 and said the polyethylene chain is where he sees the best commodity chemical risk/reward. Consensus expectations for Dow imbed much more improvement in 2020 than they do for LyondellBasell, added Andrews, who also views Lyondell's ability to keep buying back stock and possibly raise its dividend as another key differentiator between the two stocks in 2020.

DOW

Dow Inc.

$53.37

-0.91 (-1.68%)

LYB

LyondellBasell

$92.63

0.13 (0.14%)

  • 02

    Dec

DOW Dow Inc.
$53.37

-0.91 (-1.68%)

10/29/19
RHCO
10/29/19
NO CHANGE
Target $52
RHCO
Hold
Dow Inc. price target raised to $52 from $46 at SunTrust
SunTrust analyst James Sheehan raised his price target on Dow Inc to $52 after its Q3 earnings beat, saying the company's integrated polyethylene margins topped industry averages by about 3c per lb. The analyst notes that the management is focusing on "rationalizing" capital expenditure and "working down" its stranded costs while its silicones investment story appears to be "unappreciated". Sheehan keeps his Hold rating on Dow Inc longer term however, adding that its valuation multiple of 6.8-times his expected FY20 EBITDA is appropriate based on the eroding olefins fundamentals and waning industrial macro trends.
10/30/19
RBCM
10/30/19
NO CHANGE
Target $59
RBCM
Outperform
Dow Inc. price target raised to $59 from $54 at RBC Capital
RBC Capital analyst Arun Viswanathan raised his price target on Dow Inc to $59 and kept his Outperform rating after meeting with its CEO and Investor Relations director. The analyst says the management was upbeat about the company's better than expected Q3 results showing improved cash generation in spite of the sluggish industrial fundamentals, driven by the "robust" growth in PE and silicones as well as "strong" cost controls.
11/26/19
COWN
11/26/19
NO CHANGE
Target $50
COWN
Market Perform
Dow Inc.price target lowered to $50 from $57 at Cowen
Cowen analyst Charles Neivert lowered his price target on Dow Inc. to $50 from $57 citing the macro environment coupled with further deterioration of fundamentals. . The analyst said it proposes a highly challenging risk profile for ethylene dependent shares with a meaningful downside potential over the next six months. Neivert does see a substantive recovery in 2021. Neivert maintained his Market Perform rating on Dow Inc. shares.
12/02/19
MSCO
12/02/19
DOWNGRADE
Target $58
MSCO
Equal Weight
Dow Inc. downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Vincent Andrews downgraded Dow Inc. to Equal Weight from Overweight with a $58 price target.
LYB LyondellBasell
$92.63

0.13 (0.14%)

10/15/19
WELS
10/15/19
INITIATION
Target $105
WELS
Outperform
LyondellBasell initiated with an Outperform at Wells Fargo
Wells Fargo analyst Michael Sison initiated coverage of LyondellBasell with an Outperform rating and $105 price target. The analyst believes LyondellBasell is a "high-quality" commodity focused chemical company with industry leading return on investment capital and new capacity additions through 2022 adding $1.2B in EBITDA. The company has "strong leverage" to a better economic environment, says the analyst.
11/18/19
GSCO
11/18/19
UPGRADE
Target $121
GSCO
Conviction Buy
LyondellBasell upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Robert Koort added LyondellBasell to his firm's Americas Conviction List while keeping a Buy rating on the shares with an unchanged price target of $121. The analyst believes the ethylene cycle is approaching a "super trough." He expects U.S. integrated polyethylene margins to bottom in Q4 of early 2020 at levels well above historical mid-cycle or even peak levels. This provides "defensiveness" to LyondellBasell's "top-tier dividend yield of 4.4%," Koort tells investors in a research note. Further, he believes Chemicals investor sentiment is "relatively somber," which could present a "compelling buying opportunity" for the space should the current industrial cycle mirror the 2016 period and not decelerate more dramatically to 2009 levels.
11/18/19
JPMS
11/18/19
NO CHANGE
Target $84
JPMS
Underweight
JPMorgan boosts LyondellBasell target but still inclined to be short
JPMorgan analyst Jeffrey Zekauskas raised his price target for Underweight-rated LyondellBasell to $84 from $69. The analyst says his inclination is not to be long the shares but to be on the short side. Polyethylene prices rose in September stemming from production outages in the U.S. and following the attack on the Saudi Arabian oil assets, Zekauskas tells investors in a research note. He thinks that contract polyethylene prices can fall in November and then decrease another few cents into 2020 as non-contract discounts. Global demand for chemicals is actually weaker now than it was in August, says the analyst, who thinks these factors are likely to weigh on the shorter-term price performance of LyondellBasell shares.
12/02/19
MSCO
12/02/19
INITIATION
Target $110
MSCO
Overweight
LyondellBasell resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst Vincent Andrews resumed coverage of LyondellBasell with an Overweight rating and $110 price target.

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UBER

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DOMO

Domo

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