Huntsman price target raised to $24 from $21 at RBC Capital

RBC Capital raised the firm’s price target on Huntsman to $24 from $21 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results for Commodity Chemicals names. Earnings expectations in the second half of 2024 have come down further due to ongoing Europe weakness and unplanned outages throughout the quarter, and while construction demand should improve on interest rate cuts, the benefits are not likely to occur until mid-2025, the analyst tells investors in a research note. For Huntsman, the portfolio transformation, earnings power, and reduced exposure to more cyclical businesses are positives, but the current unprecedented weaker demand environment warrants a multiple near the middle end of its long-term historical range due to the company operating near trough earnings, the firm added.