UPDATE: Citigroup Reiterates Neutral/High Risk Rating, Lowers PT on Huntsman Corporation

In a report published Monday, Citigroup reiterated its Neutral/High Risk rating on Huntsman Corporation

, but slightly lowered its price target from $18.00 to $17.00. Citigroup noted, “We rate HUN shares Neutral/High Risk (2H). We are Neutral on the stock given signs of weakness particularly in TiO2, construction and textiles. TiO2 market fundamentals have softened and pricing momentum has stalled on destocking, particularly in Asia Pacific. We expect a gradual recovery in Pigments during 2013 partly driven by ore cost price inflation. However, we feel the company should benefit from the de-commoditization of its portfolio. The company divested its commodity businesses Base Chemicals and Polymers in 2007. Huntsman has leading positions in MDI, maleic anhydride, and TiO2.” Huntsman Corporation closed on Friday at $16.44.