UPDATE: Piper Jaffray Raises PT to $56 on LyondellBasell on Lower Interest Expense

Piper Jaffray reiterated its Neutral rating on LyondellBasell LYB and raised its price target from $48 to $56 following the latest quarterly results. Piper Jaffray commented, "While we are maintaining our FY13E EPS at $5.50, we are lifting our 4Q12 estimate to $0.96 on lower interest expense. Our valuation multiple expansion (from 4.7x) is largely due to special dividends that investors have come to expect. Management highlighted on the call that the special dividend this quarter ($2.75) is substantially smaller than its predecessor ($4.50), largely due to management's caution about the macro environment." LyondellBasell closed at $53.75 on Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsPiper Jaffray
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!