Analyst at Imperial Capital Assign Premium to LyondellBasell Industries (LYB) Stock

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Imperial Capital reiterated an Outperform rating on LyondellBasell Industries (NYSE: LYB) and raised its price target to $62.00 (from $54.00).

Imperial’s price target of $62 is based on continued expectations for earnings growth in 2013, driven by ethylene demand, high operating rates, and strong margins.

"Select equity comparables currently trade at about a mean of about 5.6x consensus 2013E EBITDA and 5.3x consensus 2014E EBITDA. Our $62 price target is based on 10.8x our 2013E EPS of $5.72 and 6.2x our 2013E EBITDA of $5,764mn, a 0.6 turn premium to the mean forward EBITDA valuation of the comparables we analyze, and some 14.1% above the closing price," said analysts.

For an analyst ratings summary and ratings history on LyondellBasell Industries click here. For more ratings news on LyondellBasell Industries click here.

Shares of LyondellBasell Industries closed at $54.33 yesterday, with a 52 week range of $26.10-$56.00.

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