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BASF: Stifel raises price target

(CercleFinance.com) - Stifel raised its target price for the BASF share from 64 euros to 81 euros on Wednesday, saying that the earnings of the world's biggest chemical company are recovering "much faster than previously expected.
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The raise comes as the broker expects fourth-quarter EBIT to be 25% above consensus and 21% above the street for 2021.

"The earnings are driven by the cyclical recovery of the upstream business, but also by an expected strong momentum of the Agro segment," the analyst wrote.

Stifel - which has a "buy" rating on the stock - said the recovery in oil prices and the strong stockmarket also makes the Wintershall DEA unit IPO "much more likely."

BASF shares were virtually unchanged (-0.1%) on the Frankfurt Stock Exchange on Wednesday afternoon.

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