BASF: UBS a seller, cuts TP
(CercleFinance.com) - UBS reiterates its Sell rating on the BASF stock, lowering its target price for it to E37 (from E40) ahead of the group's publication of its Q3 2023 results (31 October).
The analyst believes that weak volumes and pressure on margins will continue.
"We cut 2023E EBIT by 4% and are 8% below consensus", UBS says.
For the record, BASF reduced its forecasts for FY 2023 at the end of July. It is now targeting sales of E73bn to E76bn (vs. E84bn to E87bn previously), with EBIT before extraordinary items E4bn to E4.4bn (vs. E4.8bn to E5.4bn).
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