UPDATE: Morgan Stanley Raises LyondellBasell's PT

According to a research report published this morning, Morgan Stanley has increased LyondellBasell Industries' LYB PT from $48 to $53. Morgan Stanley commented in the report, "While we have long been a believer that ethane would ultimately "go long", we previously were uncomfortable assigning a timeframe to this. Now, we have incremental conviction that ethane prices are likely to drift higher between now and 1H13 (though with propane providing a lower and lower ceiling) and then "go long" as we enter 2H13." Morgan Stanley maintains its Overweight rating on LyondellBasell, which is currently trading at $41.16.