UPDATE: JP Morgan Raises PT to $56 on LyondellBasell Industries on Strong Domestic Demand

JP Morgan reiterated its Overweight rating on LyondellBasell Industries

and raised its price target from $53 to $56. JP Morgan noted, "We raised our EPS estimates for LyondellBasell from $5.10 to $5.30 for 2012 to reflect good domestic 4Q:12 demand and wide ethylene margin spreads. Our 4Q:12 estimate is $1.21 versus the Consensus of $1.05. We lifted our 2013 EPS projection from $5.30 to $5.60 to reflect wider ethylene margins, given higher oil prices and lower ethane values, wider refinery crack spreads, and some normalization of European olefin returns. LyondellBasell continues to pursue good return on capital strategies and is maintaining a strong operational focus." LyondellBasell Industries closed at $53.75 on Friday.