UPDATE: Monness Crespi Hardt Upgrades Huntsman to Neutral on Valuation, Turnaround

Monness Crespi Hardt upgraded Huntsman (NYSE: HUN) from Sell to Neutral with an $18 price target.

Monness Crespi Hardt noted, "The restructuring efforts that began last year seem to be taking hold, and Huntsman has been able to perform better than many of their competitors within several of their product lines. Earnings for the year are now estimated to be $2.05 per share, which makes the shares of HUN one of the lower multiples in the chemical industry. Given the high level of debt ($3.2 billion with $2.2 billion in equity) there is a discount in effect, but net debt/EBIT is still 2.3x, well within the management goal of 2.0-2.5x. Given the better than expected results, the shares of HUN are being upgraded to Neutral with a price target of $18, or 9x the estimate for this year."

Huntsman closed at $16.19 on Friday.