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BASF: Jefferies upgrades to 'buy', raises price target

( - Jefferies has upgraded BASF, the world's largest chemicals group, from "hold" to "buy," citing the stock's cyclical nature.

"As investments in medical infrastructure accelerate, new treatments proliferate, and vaccines enter clinical trials, the risk of new lockdowns should fade," the US broker wrote in a research note.

Jefferies also pointed out that BASF shares tend to do best when Germany's IFO is improving, a likely dynamic for the second half of the year and 2021 as the global economy regains its footing.

Jefferies has therefore raised its target price for the share to 66 euros, from 44 euros previously.

BASF shares were up 4% in early afternoon trading.

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