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UBS Warburg Ups Millennium Chemicals to 'Buy'

UBS Warburg upgraded Millennium Chemicals (MCH) to buy from neutral.

Analyst Andrew Cash says Millennium's stock price has eroded so much recently that he now estimates a total return of 21.6% in the next 12 months. Cash sees a potential recovery at the company's Equistar venture. He thinks Milennium's price increases, lower feedstock, and lower energy costs later in the year will offset near-term pressures in the gas market.

Cash raised his 81 cents 2003 earnings per share estimate to 85 cents, and upped the $2.03 2004 estimate to $2.05. He maintains his $12 target.

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