Bank of America Merrill Lynch Buy on LyondellBasell Industries

Bank of America Merrill Lynch is out with a research report on LyondellBasell Industries LYB and it has a Buy rating and a $47 price target on shares. In a note to clients, Bank of America writes, "Lyondell declared this morning a special dividend of $4.50 per share to be paid to shareholders of record as of 25 November 2011. We would expect LYB shares to trade down by the approximate amount of the dividend upon distribution to shareholders on 16 December 2011. The amount and timing of the special dividend is consistent with our expectations. On 21 October 2011 Lyondell announced its intention to pay a special dividend in connection with steps taken to refinance and rationalize the company's balance sheet." Shares of LYB are off 47 cents to $35.61, a loss of 1.3%