UPDATE: Morgan Stanley Raises Target to $48 on LyondellBasell
Morgan Stanley raises its target on Overweight-rated LyondellBasell (NYSE: LYB) by $1 to $40 as petrochemical sector shows continued strength.
Morgan Stanley notes, "We are marking our model to market for recent favorable trends in petrochemical fundamentals. We are raising our 2012 EBITDA / EPS estimates by 6% and 7% respectively and our now ~8% above consensus. The outlook for 1H12 has improved significantly over the last several weeks, with ethane feedstock prices falling further in the US, and international margins are rising as well."
LYB closed at $44.75 a share yesterday.
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