UPDATE: Goldman Sachs Upgrades Huntsman Corporation to Buy, Raises PT on Further Upside Potential

In a report published Tuesday, Goldman Sachs analyst Robert Koort upgraded the rating on

from Neutral to Buy, and raised the price target from $22.00 to $29.00. In the report, Goldman Sachs noted, “While HUN shares have spiked higher recently, we believe there is further upside potential as the global economy improves and lifts HUN's profit stream and valuation multiple. We upgrade HUN shares to Buy from Neutral and raise our 12-month price target to $29 from $22 based on higher target and peer group multiples and a belief that TiO2 has bottomed. With a broad collection and quality of businesses, HUN offers attractive cyclical leverage to a global economic recovery at modest valuation levels, in our view. The planned ROC TiO2 transaction (not in our estimates) will further amplify HUN's cyclical exposure pending closure of the transaction in early 2014 as expected by HUN.” Huntsman Corporation closed on Monday at $22.49.