UPDATE: RBC Capital Markets Upgrades LyondellBasell Industries NV to Top Pick, Raises PT on Billions and Billions of Reasons

In a report published Thursday, RBC Capital Markets analyst Chris Nocella upgraded the rating on

from Outperform to Top Pick, and raised the price target from $90.00 to $110.00. In the report, RBC Capital Markets noted, “We are adding LYB to the RBC Top Picks List and raising our price target to $110 /share, with an upside potential of $140/ share. LYB's strong organic and market driven growth potential ($10/share in 2015) and under-levered balance sheet lead to $12-$14 B of potential cash for capital returns (mainly share repurchases) over the next 3 years, or 1/3 of market cap.” LyondellBasell Industries NV closed on Wednesday at $75.55.