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HUN

Huntsman

$20.01

-0.67 (-3.24%)

, VNTR

Venator Materials

$6.36

-1.67 (-20.80%)

11:55
10/30/18
10/30
11:55
10/30/18
11:55

Huntsman CEO says 'actively marketing' stake in Venator Materials

Huntsman (HUN) CEO Peter Huntsman said on the company's Q3 call that during this past quarter the company purchased 1.3M shares for $37M. "This amount was much lower than I would like to see due to us being blacked out for much of the quarter. Reasons for the blackout include our own discussions with multiple parties regarding the potential sale of our shares in Venator. We continue to explore all options for monetizing our Venator shares and are actively marketing our current stake. We'll update the market when and if there's something new to announce," the CEO stated on the call. Huntsman added, according to a transcript of the call: "Over the years, I refrain from commenting on our share price. However, as I look at the remainder of the year, we're on track to being within 1% of $1.5 billion of EBITDA, by far our best performance ever. We remain on track to generate about 40% free cash flow to EBITDA. We're successfully bringing on new MDI capacity and expanding our downstream volumes in margins. We remain highly confident that our 2020 targets that we laid out at our Investor Day this past May. We will remain focused within reason on monetizing our position in Venator and when we realized, intend to dedicate a meaningful portion of those proceeds to our share repurchase program...Given where we are, the changes over the past few years and where we are going, I see a massive disconnect between our performance and our share price. Our company has never been in a better position to create shareholder value."

HUN

Huntsman

$20.01

-0.67 (-3.24%)

VNTR

Venator Materials

$6.36

-1.67 (-20.80%)

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    Nov

HUN Huntsman
$20.01

-0.67 (-3.24%)

10/15/18
JEFF
10/15/18
NO CHANGE
JEFF
Jefferies sees improving trends, 'low bar' for Huntsman
Jefferies analyst Laurence Alexander maintained a Buy rating and $43 price target on Huntsman, noting the company is trading at 5.3x trough EBITDA and ~40% below the firm's sum-of-the-parts model, which the analyst suggests is a bar "set low." Alexander is positive on Huntsman, noting improving auto and construction trends, improvement in polyurethane margins, Huntsman's ability to pass through raw materials and generate free cash flow, and an expectation free cash flow will be deployed to reduce the company's risk profile.
10/08/18
10/08/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Huntsman (HUN) initiated with an Underweight at Barclays. 2. NIO Inc. (NIO) initiated with a Buy at Deutsche Bank and a Neutral at Goldman Sachs. 3. Cabot (CBT) initiated with an Overweight at Barclays. 4. Auris Medical (EARS) initiated with a Buy at Euro Pacific. 5. iQIYI (IQ) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/08/18
LEHM
10/08/18
INITIATION
Target $29
LEHM
Underweight
Huntsman initiated with an Underweight at Barclays
Barclays analyst Michael Leithead started Huntsman with an Underweight rating and $29 price target. The analyst is "relatively bearish" on the n diphenylmethane diisocyanate cycle, saying it is one of the only chains he follows that is expected to loosen rather than tighten through 2020. Further, the analyst sees "ample risk" to Huntsman getting to its 2020 targets.
10/01/18
10/01/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Underweight from Equal Weight at Barclays with analyst Blayne Curtis saying end-market tailwinds that propelled the run in shares, namely PC shortages and the slowing of server growth, are likely to reverse. 2. Chipotle (CMG) downgraded to Underperform from Perform at Oppenheimer with analyst Brian Bittner saying since its new CEO announcement in February, Chipotle is up 82% and has been upgraded 10 different times by the Street. 3. AMD (AMD) downgraded to Neutral from Outperform at Baird with analyst Tristan Gerra saying while the company's fundamentals continue to improve, he believes expectations and valuation are high. 4. Huntsman (HUN) downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying he sees a lack of near-term catalysts for the next few quarters "in the backdrop of a well-telegraphed normalization in MDI profits." 5. Autohome (ATHM) downgraded to Sell from Hold at 86 Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VNTR Venator Materials
$6.36

-1.67 (-20.80%)

10/02/18
BMOC
10/02/18
NO CHANGE
Target $13
BMOC
Outperform
Tronox price target lowered to $13 from $28 at BMO Capital
BMO Capital analyst John McNulty lowered his price target on Tronox (TROX) to $13 to adjust for the expiration of the exclusivity window to divest its Ashtabula assets to Venator Materials (VNTR). The analyst expects the company to open up conversations on Ashtabula spinoff, which is required for the Cristal deal to be approved, with a wider range of potential bidders but likely at lower prices. Longer term, McNulty keeps his Outperform rating on Venator, noting that he expects the titanium dioxide "speed bump" to be short lived while the company also works to close on Cristal.
09/26/18
BMOC
09/26/18
NO CHANGE
Target $13
BMOC
Outperform
Venator Materials price target lowered to $13 from $17 at BMO Capital
BMO Capital analyst John McNulty lowered his price target on Venator Materials to $13 to reflect the adjustment in his updated model from the reconstruction of the Pori titanium dioxide, or TiO2, facility. The analyst also sees the near-term trends as difficult, withdrawing his estimates for 2018-2020, and believes that the supply-demand for TiO2 "looks to 2019 and beyond". McNulty keeps his Outperform rating on Venator Materials, citing its "significant upside potential" from a potential TiO2 recovery, strong free cash flow generation, and a solid balance sheet, but contends that the stock "remains a 'show-me' story".
09/25/18
SPIN
09/25/18
DOWNGRADE
SPIN
Hold
Venator Materials downgraded to Hold from Buy at Spin-Off Research
09/21/18
09/21/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bluebird Bio (BLUE) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Salveen Richter saying rating change is is not driven by concerns around Bluebird's pipeline execution or emerging competitive threats. The analyst just believes appreciation of key aspects of his investment thesis are better reflected in the shares at current valuation levels. 2. Venator Materials (VNTR) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying he believes lower prices and higher raw material costs for TiO2, coupled with higher capital expenditures, diminishes Venator's free cash flow outlook. 3. Antero Resources (AR) downgraded to Market Perform from Outperform at BMO Capital with analyst Phillip Jungwirth citing valuation. 4. New Age Beverages (NBEV) downgraded to Hold from Buy at Maxim. 5. Rowan Companies (RDC) downgraded to Hold from Buy at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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