UPDATE: UBS Upgrades Westlake Chemical (WLK) to Neutral; Fairly Valued Now

(Updated - May 24, 2012 1:15 PM EDT)

UBS upgraded Westlake Chemical (NYSE: WLK) from Sell to Neutral. PT $54.

Analyst, Andrew W. Cash, said, "Since the beginning of April through 5/22, WLK’s stock declined 17.2% versus a 6.5% decline for the S&P 500. We believe the stock pulled back far more than the market because some investors are concerned that natural gas increased while oil prices declined. The WTI oil price to US natural gas ratio declined from 55x to 36x. We believe a ratio in the 5.0s is not sustainable and the stock probably got ahead of itself."

For an analyst ratings summary and ratings history on Westlake Chemical click here. For more ratings news on Westlake Chemical click here.

Shares of Westlake Chemical closed at $54.09 yesterday.

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