UPDATE: Bank of America Raises PO to $58 on LyondellBasell Industries on Dividend Yield

Bank of America reiterated its Buy rating on LyondellBasell Industries (NYSE: LYB) and increased its price objective from $55 to $58.

Bank of America noted, "We view LYB as well positioned to benefit from inexpensive, natural gas-linked ethane feedstock, greater feedstock flexibility, and operational improvements. Our constructive posture is based on attractive, sustainable margins in ethylene over the medium term, and structural tightness in propylene and derivatives. … Our PO of $58 suggests shares can appreciate to 10.3x our 2013 EPS estimate of $5.60, which implies upside potential of 11% including a dividend yield 3.0%."

LyondellBasell Industries closed at $53.75 on Friday.

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