UPDATE: Goldman Sachs Downgrades Huntsman (HUN) to Neutral

Goldman Sachs downgraded Huntsman (NYSE: HUN) from Buy to Neutral with a price target of $23 (unchanged). Analyst Robert Koort thinks the TiO2 rally is priced in.

Koort explained, "Since adding to the Buy List on November 26, 2013, HUN shares are down 12%, vs. the S&P 500 +25% reflecting challenging earnings patterns across its portfolio and the suffering TiO2 cycle in 2014 and 2015. However, 2016 has been more kind with HUN rallying 79% YTD in part due to the TiO2 cycle recovery. In addition, HUN has finally demonstrated significant cash generation in 2016 with $560mn year-todate. Nonetheless, some weakness in other segments and challenges in the MTBE markets have weighed on 2017 consensus earnings estimates that have fallen 20% since the beginning of 2016."

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 $20.31 yesterday.

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