JP Morgan Lowers FY12 EPS Estimate on Westlake Chemical

A report from J.P. Morgan lowers its FY12 EPS estimate from $4 to $3, and reiterates its Overweight rating and $49 price target on Westlake Chemical WLK. The report states, “We maintain our Overweight rating and our December 2012 price target of $49 based on benefits from capacity expansions in 2013, good long term North American petrochemical fundamentals, an unleveraged balance sheet, and a high normalized free cash flow yield (above 7.5%)." WLK closed yesterday at $38.77.