UPDATE: J.P. Morgan Color On WLK Target Increase

J.P. Morgan, raised its PT on shares of Westlake Chemical Corp. WLK, is providing some color on the stock. “The profits of all of the North American petrochemical companies have been much above 1Q:11 Consensus expectations,” J.P. Morgan writes. “Volume growth has been strong due to open export markets. Raw material costs have been well managed due to production biases toward natural gas liquids. Pricing, mostly set by the rising price of oil, has been high. “Westlake reported earnings of $1.25 versus Consensus of $0.98 for 1Q:11, which is of a pattern with Lyondell reporting 1Q:11 EPS of $1.25 versus Consensus of $0.74; Dow reporting 1Q:11 EPS of $0.82 versus Consensus of $0.67; and Eastman reporting earnings of 1Q:11 of $2.52 versus Consensus of $1.99.” Westlake Chemical closed Tuesday at $59.54.