UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on LyondellBasell Industries

In a report published Monday, Deutsche Bank reiterated its Buy rating on LyondellBasell Industries (NYSE: LYB), and raised its price target from $55.00 to $60.00.Deutsche Bank noted, “Secular feedstock advantage underpins shareholder remuneration. Buy. Lyondell shares rose 1% post its Q3 release as management's adamancy for shareholder remuneration (thru smaller but more frequent special dividends {vs $2.75 in '12 & $4.50 in '11} and future buybacks) remained steadfast and assuaged concerns over a modest Q3 EPS miss. While European olefins will remain weak thru y/e owing to poor demand and high naphtha costs, with >1/2 of earnings levered to low cost US NGLs, L-T prospects are robust as ethane is poised to remain cheap amid new pipeline and frac capacity in '13. With sustainable cash generation pointing to continued shareholder remuneration in '13 and valuation attractive at 9.1x '13E EPS, we reiterate our Buy.”LyondellBasell Industries closed on Friday at $53.75.