UPDATE: KeyBanc Downgrades Huntsman Corporation to Hold on Macro Environment
KeyBanc reduces its rating on Huntsman Corporation (NYSE: HUN) from Buy to Hold.
KeyBanc says, "With about 30% of overall sales in Europe, volatility in the region should pressure near-term results and the multiple for HUN shares. Additionally we would expect a weaker Euro to begin to provide headwinds moving through the year should trends continue. Approximately 46% of overall sales are tied to construction or household products. While continued positive trends in U.S. architectural and housing markets should have some positive impact, more significant improvement in results will require a reversal in trends in Europe and developing markets, such as China, where growth rates are slowing."
HUN closed at $13.04 on Friday.
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