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).