Jefferies Reiterates Buy on Huntsman (HUN) - PT to $17

Jefferies reiterated a Buy rating on Huntsman (NYSE: HUN), and cut the price target to $17.00 (from $23.00). Margin pressure in MDI, olefins and MTBE will likely continue for at least 2-3 quarters, only partly offset by favorable mix effects due to growth in demand for composites and polyurethanes.

Analyst Laurence Alexander commented, "Decoupling from end markets a la Celanese (CE, Buy) appears unlikely. While Huntsman continues to pursue strategic improvements, we expect the shares to trade off growth expectations due to both the double leverage on core operations (operating and financial) and the implications for a successful TiO2 exit."

For an analyst ratings summary and ratings history on Huntsman click here. For more ratings news on Huntsman click here.

Shares of Huntsman closed at $10.86 yesterday.

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