Shares of Dow Chemical Co. jumped Thursday, the day after the company closed on its $16.5 billion buyout of Rohm & Haas and immediately sold Rohm's Morton Salt division to cut its debt load.

HSBC analyst Hassan Ahmed raised his rating for the chemical giant to neutral from overweight with a price target to $10 from $5.

We believe that with the asset sale process well underway and with the overhang of a dividend cut, equity issuance, and credit rating downgrade mostly lifted, the stock should start trading on fundamentals again, Ahmed said.

Meanwhile, Credit Suisse analyst John P. McNulty said Dow used about $10 billion of a bridge loan to pay for Rohm & Haas. The Morton sale likely pushed the amount owed to about $7.8 billion.

However, McNulty kept his neutral rating on the Midland, Mich.-based company, saying it likely won't outperform the chemicals market.

The sale is part of Dow’s plan to sell to Rohm & Haas assets to pay down the hefty debt and a move that should reduce investors' concerns going forward.

Dow shares today rose 90 cents or 10.20% at $9.71 in the trading.