Citi Lifts Ratings on Dow and LyondellBasell, Citing Margin Upside from Middle East Supply Disruptions
Citi upgraded Dow Inc. and LyondellBasell Industries to Buy from Neutral, arguing that supply disruptions tied to the conflict involving Iran and the closure of the Strait of Hormuz are elevating energy and feedstock costs and could sustain higher chemical prices. The bank expects North American producers that use natural gas feedstocks to benefit …