Citi analyst P.J. Juvekar calls Valspar (VAL) and Axiall (AXLL) potential takeout candidates in the U.S. Chemicals & Agriculture space. Following his firm's recent chemical conference, the analyst believes M&A has moved lower in the priority of some companies. Many CEOs are weighing acquisitions against stock buybacks, he points out. In a 105 page research note, Juvekar downgraded DuPont (DD) and Air Products (APD) to Neutral while upgrading Celanese (CE) and Eastman Chemical (EMN) to Buy and Agrium (AGU) to Neutral. His top three picks in the space are Albemarle (ALB), PPG Industries (PPG) and Celanese.