Royal Bank of Canada has adjusted its outlook for Westlake Corporation (NYSE: WLK), lowering its price target from $95.00 to $74.00. Despite this reduction, the bank maintains an "outperform" rating on the specialty chemicals company. The new target suggests a potential upside of 18.89% from the current stock price.
Other analysts have also weighed in on Westlake's stock. Mizuho set a price target of $72.00, while KeyCorp initiated coverage with an "overweight" rating and a $92.00 target. Citigroup downgraded its rating to "neutral" with a $67.00 target, and BMO Capital Markets reaffirmed a "market perform" rating with a $96.00 target. Wells Fargo cut its target to $68.00 from $89.00 and assigned an "equal weight" rating.
Westlake's stock has seen mixed ratings, with four analysts rating it a "buy," ten as a "hold," and two as a "sell." The average consensus price target stands at $83.87. On the day of the report, Westlake's shares traded up $0.39 to $62.24, with a trading volume of 51,748 shares. The stock has a 52-week low of $56.33 and a high of $124.23.
The company recently reported quarterly earnings of $2.01 per share, beating estimates by $0.18. Revenue for the quarter was $3.27 billion, up 10.8% year-over-year. However, the company's net margin was negative at 10.94%. Institutional investors have been active, with several adjusting their positions in Westlake.