Jefferies Raises HUN Target To $21 From $18

Huntsman HUN has announced a Eur30m investment in fertilizer capacity to monetize co-products at its TiO2 facility in Calais, France, Jefferies reports. “We estimate this investment should be $0.03-$0.05 accretive by 2014-2015,” Jefferies writes. “Huntsman significant operating leverage and cyclical exposure is magnified by financial leverage. With favorable earnings revisions likely and attractive relative value, we reiterate our Buy rating and raise our price target $3 to $21 (6x 2012E EBITDA).” Huntsman closed Monday at $17.41.