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UPDATE: Piper Jaffray Raises PT to $56 on LyondellBasell

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Piper Jaffray reiterated its Neutral rating on LyondellBasell (NYSE: 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.

Latest Ratings for LYB

DateFirmActionFromTo
Jul 2016CitigroupMaintainsNeutral
Jul 2016NomuraMaintainsNeutral
Jun 2016RBC CapitalDowngradesSector Perform

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