LyondellBasell Industries (NYSE:LYB) Should Enjoy Upside in 2011

Although there's a strong possibility LyondellBasell Industries (NYSE:LYB) will remain range-bound in the short-term, for 2011 Jefferies expects them to have some upside.

Jefferies noted, "With 3-4 years to the next peak in the ethylene cycle, LyondellBasell should trade mostly on short-cycle growth indicators and unplanned outages. While the shares may be range-bound near-term on seasonal margin concerns, there should be upside in 2011."

EPS estimates from 2010 through 2012 have been kept the same; FY10, 2011, and 2012 at $2.35/$39.8 billion, $2.65/$38.4 billion, and $3.50/$41.4 billion.

Jefferies has reiterated their "Buy" rating on LyondellBasell, which closed Monday at $31.08, up by $0.56, or 1.83 percent. They increased their price target from $33 to $36.