As previously reported, Citi analyst P.J. Juvekar downgraded Ecolab (ECL) to Neutral from Buy, citing expectations for slower Institutional growth and a slower than anticipated recovery in its Global Energy business. In a note on the broader U.S. Chemicals and Agriculture space partially titled "Go Long Cyclicals in Late Economic Cycle," Juvekar also discussed his M&A expectations for the space in 2018, naming Huntsman (HUN) his top takeout candidate after its successful spin-off of Venator Materials (VNTR). He also views Axalta Coating (AXTA) and Celanese (CE) as likely to be involved in deals, but sees a low probability for "the oft-mentioned" merger of Eastman Chemical (EMN) with Celanese.