UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Westlake Chemical Corporation
In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Westlake Chemical Corporation (NYSE: WLK), and raised its price target from $64.00 to $76.00.
J.P. Morgan noted, “We believe that Westlake shares are fully valued at current levels. Westlake's exposure to North American ethylene NGL economics makes it an attractive longer-term investment vehicle. Westlake is the company with the largest per share earnings leverage to changes in North American ethane-ethylene economics. In 2Q:13, Westlake will benefit from the startup of additional ethylene capacity. Westlake's chlor-alkali integration will improve in 2H:13 with the startup of an additional chloralkali unit, and should improve the profitability of Vinyls. Additional PVC capacity and a second ethylene debottlenecking in 2014 will further increase Westlake's production.”
Westlake Chemical Corporation closed on Friday at $77.11.
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