Westlake Corporation (NYSE:WLK) is one of the best chemical stocks to buy, according to billionaires. On June 14, Wells Fargo analyst Michael Sison increased the stock’s price target to $90 from $76. Additionally, the analyst reiterated an ‘Equal-Weight’ rating for the stock.
The stock rating and price target hike underscore the analyst’s confidence in the petrochemical company’s prospects. The analyst expects the company to perform in line with the market or better in the future.
The bullish stance comes after the company announced the shutdown of its Pernis, Netherlands plant as it continues to trim European footprint. The shutdown is part of the company’s European optimization strategy as it seeks to focus more on specific chemical production lines.
Westlake Corporation is a chemicals company that manufactures and supplies essential products, including petrochemicals, polymers, and building products. Its products form the building blocks for many everyday items, from food packaging and medical devices to car interiors and construction materials.
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This article is originally published at Insider Monkey.
