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 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.