UPDATE: Jefferies Raises PT to $70 on LyondellBasell Industries to $70 on 2013 Backdrop

Jefferies reiterated its Buy rating on LyondellBasell Industries LYB and raised the price target from $68.00 to $70.00. Jefferies commented, "While weak EU results were a more severe headwind in Q4, underlying fundamentals still appear strong for 2013. To better reflect likely tailwinds for Olefins Americas and I&D, we are raising 2013E $0.20 to $6.00, up 14%. We forecast cumulative FCF before dividends in 2013E-2015E of $18.20/share, or an average FCF yield of 9.8%. We are raising our price target $2 to $70." LyondellBasell Industries closed at $61.37 on Friday.