LyondellBasell Industries (NYSE:LYB) Should Outperform in Second Half

LyondellBasell Industries (NYSE:LYB) may trade level during the first half of 2011, but according to Jefferies (NYSE:JEF), they see the company outperforming the broader market as expectations of another up-cycle in the petrochemical sector emerge.

Jefferies is their full year 2011 and 2012 EPS estimates to $2.95 and $3.80, citing leveraging as the catalyst.

For the fourth quarter of 2010, Jefferies is looking for a results to come in at $0.72, far above the $0.62 consensus.

Jefferies maintains a "Buy" rating on LyondellBasell, which closed Wednesday at $34.85, losing $0.02, or 0.06 percent. Jefferies raised their price target on them from $38 to $40.