UPDATE: Jefferies Ups PT to $16 on Huntsman; Solid Q1

Jefferies increases its price target from $15 to $16 on Huntsman

following a solid Q1, but reiterates its Hold rating on shares given that some factors may prove unsustainable. Jefferies comments, "While Q1 was clearly a strong quarter, more than half of the operational beat came from a temporary spike in MTBE margins. That said, each segment was either in line or above our estimates. Taking into account the $0.35 beat, we are raising our 2012E EPS $0.35 to $1.90, and raising our 2013E $0.15 to $1.90." HUN closed at $14.16 on Tuesday.