UPDATE: Nomura/Instinet Upgrades LyondellBasell Industries (LYB) to Buy

(updated to add analyst comment)

Nomura/Instinet analyst Aleksey Yefremov upgraded LyondellBasell Industries (NYSE: LYB) from Neutral to Buy with a price target of $113.00 (from $87.00).

The analyst comments "With ethylene/PE at trough in Asia, and better demand, margin risks are skewed to the upside. Similar logic applies to most I&D businesses. We see the Braskem deal as unlikely given recent legal uncertainty in Brazil."

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 $92.29 yesterday.

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