BASF: Stifel reduces price target on the share
(CercleFinance.com) - Stifel maintains its 'buy' rating on the BASF share.
Despite this, based on the evolution of P/E and the return on dividend, the broker says it is revising its target price downwards from 93 to 81 euros.
According to Stifel, BASF's EBIT could come to 2.08 billion euros for the 3rd quarter, representing 26% above consensus, with sequential growth across chemicals but profits down in other segments.
The analyst anticipates 2021 EBIT to come to 8.5 billion euros (consensus is 7.5 billion euros).
For 2022, the broker expects a favourable environment and above mid-cycle earnings but that margins “most probably will be lower”.
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