Nomura Securities reiterated a Neutral rating on Westlake Chemical (NYSE: WLK), and raised the price target to $53.00 (from $50.00), following the company's announced agreement to acquire chlor-alkali/PVC producer Axiall.

Analyst Aleksey Yefremov commented, "Following Westlake’s definitive agreement to acquire chlor-alkali/PVC producer Axiall, the company has increased its exposure to nascent recovery in chlor-alkali cycle to ~35% of pro forma EBITDA. After a negative 2Q preannouncement at chlor-alkali competitor OLN, investors are evaluating whether WLK provides a more attractive entry into the industry."

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Shares of Westlake Chemical closed at $45.74 yesterday.