Categories: Business

Huntsman downgraded to Sector Carry out at Scotiabank on European woes (NYSE:HUN)

[ad_1]

tuachanwatthana/iStock by way of Getty Pictures

Huntsman (NYSE:HUN) on Monday was downgraded to a Sector Carry out funding ranking from Sector Outperform by analysts at Scotiabank. They mentioned the chemical firm’s publicity to Europe’s weakening markets is negatively affecting efficiency.

“Wanting forward, increased rates of interest within the U.S. will affect building market demand for Hunstman’s (HUN) output, whereas demand is already weak in China and Europe,” Ben Isaacson, analyst at Scotiabank, mentioned in a Nov. 7 report.

The financial institution lower its worth goal for Huntsman (HUN) to $30 from $36, based mostly on a a number of seven occasions estimated EBITDA for 2023.

Huntsman final week reported adjusted EPS for Q3 of $0.71, and a 3.8% decline in income from a yr earlier to $2.01 billion, in step with Wall Road’s estimates.

The corporate cited financial difficulties in a few of its key markets that led to cutbacks in its product output.

“Particularly in Europe, the inflationary affect from file excessive power costs mixed with declining demand is pressuring our European amenities and margins in methods nobody anticipated,” Peter R. Huntsman, chairman, president and CEO of the corporate, mentioned in a press release. “We consider that stability will finally return, however a ‘new regular’ won’t embody favorable power costs and competitiveness the EU as soon as loved.”

Huntsmans (HUN) this yr had declined 23% by means of Nov. 4, in contrast with a 16% drop for the Customary & Poor’s 400 mid-cap index (SP400).

[ad_2]
Source link
linda

Recent Posts

How to Evaluate and Select the Right Content Creator Partners for Your Brand

In the rapidly evolving digital marketing landscape, finding content creators who authentically represent your brand…

3 days ago

Safety Tips When Hiring Demolition Contractors

Before diving into the specifics, it's important to understand what a demolition contractor does. These…

4 days ago

Essential Guide to Windshield Replacement in Arlington

Hey there! If you're cruising around Arlington and suddenly find your windshield cracked or shattered,…

2 weeks ago

Top Asphalt Paving Companies in Indiana

Hello there! If you're searching for the top asphalt paving companies in Indiana, you're in…

2 weeks ago

Benefits of Folsom Asphalt Paving Services

Hey there! If you've ever driven on a smooth, sleek road and thought, "Wow, this…

3 weeks ago

Commercial Painting Solutions for Anaheim Businesses

Hello, enterprising souls of Anaheim! Are you eager to breathe new life into your commercial…

4 weeks ago