UPDATE: Citi Raises PT to $40 on LyondellBasell Industries

A report from Citi reiterates its Buy rating and raises its price target from $33 to $40 on LyondellBasell Industries

. The report states, “LYB remains our preferred pick in commodities. The Midwest ethane advantage continues to grow and should be sustainable through 2012. Plus, cash flow generation is driving continued de-leveraging, and should support share repurchases in the future." LYB closed Friday at $34.50.