UPDATE: Piper Jaffray Initiates Chemtura Corporation with Overweight, $22 PT on Growth and Margin Expansion

Piper Jaffray initiated its coverage on Chemtura Corporation (NYSE: CHMT) with an Overweight rating and a $22 price target. Piper Jaffray commented, "We believe that Chemtura is a largely underappreciated specialty chemicals story, with access to a raw materials in short supply. Additionally, Chemtura possesses leading process technologies and market positions for the production of organometallics and polymer additives. We believe the potential for growth and margin expansion is substantial, most notably stemming from capacity expansions in bromine derivatives and synthetic base oils over the next 12 months, and stemming from general LED lighting applications and mercury emissions control over the next 2-3 years."Chemtura Corporation closed at $14.05 on Thursday.