UPDATE: Goldman Sachs Upgrades LyondellBasell Industries to Buy, Ups PT to $47

Goldman Sachs raises its rating on LyondellBasell Industries LYB to Buy from Neutral ahead of the coming wave of restocking and ethane supply. Price target is elevated to $47 from $36. Goldman Sachs comments, "We are rejoining the ethylene trade based on our view that (1) consensus 2012 EPS estimates have fallen too much, (2) restocking and industry outages in 1H2012 will drive ethylene prices higher, as already reflected in the 22% rise in spot prices over the past month, (3) global operating rates are at trough levels and have significant upside in the next few years, (4) ethane will enter an oversupply situation by early 2013, leading to much lower ethane costs in 2013 and beyond, and (5) company-specific capacity expansions are very attractive." LYB closed at $38.91 per share on Friday.