Huntsman (NYSE:HUN) Destocking Cycle Less Severe in Q4 Says Jefferies

Huntsman (NYSE:HUN) had its EPS and PT raised by Jefferies (NYSE:JEF), as they believe the destocking cycle is less severe than thought, and the overall automotive market is healthier.

Jefferies increased their full year 2010 EPS estimate to $0.65, raising the fourth quarter EPS estimate by $0.05.

For full year 2011 and full year 2012, they boosted their EPS estimate by $0.10 for each year. For 2012 they see improvement in markets related to construction.

Jefferies maintains their "Buy" rating on Huntsman, which closed Thursday at $17.88, gaining $0.26, or 1.48 percent. They raised their price target on Huntsman from $18 to $21, adding if their current multiple can be sustained, the price target could reach $24.