Goldman upgrades Huntsman from neutral to buy. Raises price target to $29 from $22 citing the bottoming in TiO2 prices (as per flyonthewall) and the improving global economy (as per MT):
08:22 AM EST, 11/26/2013 (MT Newswires) -- Chemical company Huntsman Corporation (HUN) has been upgraded by analysts at Goldman Sachs to a Buy rating from Neutral. The firm also raised its price target on the stock to $29 from $22 a share.
"We believe there is further upside potential as the global economy improves and lifts HUN's profit stream and valuation multiple," said Goldman Sachs in its report. "With a broad collection and quality of businesses, HUN offers attractive cyclical leverage to a global economic recovery at modest valuation levels, in our view."
Just watched the Fool clip on chemical company feedstocks and ethane. So what is Huntsman's primary feedstock - benzene or ethane? Working around the nat gas industry here in the states, I know we have a glut of ethane from fracking gas and oil, but I assumed its low cost would benefit Huntsman as a feedstock.