UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on LyondellBasell Industries

In a report published Friday, Jefferies & Company reiterated its Buy rating on LyondellBasell Industries NV

, and raised its price target from $63.00 to $68.00. Jefferies noted, “With NGL prices falling faster than expected, we are raising 2013E EPS $0.40 to $5.80, based on $0.33/gal ethane (Belvieu), $0.18/gal ethane (Conway) and $0.95/gal propane. Falling feedstock costs should insulate LyondellBasell to some extent from weaker demand prospects in 1H13 (deceleration in the EU, increasing consumer risk aversion in the US, destocking in Latin America). We are raising our price target $5 to $68. Reiterate Buy.” LyondellBasell Industries NV closed on Thursday at $57.64.