Arkema: stock down after UBS downgrade
(CercleFinance.com) - The share of the largest French chemist, Arkema, is down ove 1.
5% towards midday on Wednesday, one of the biggest fallers in the SBF 120 index (down about 0.6%) after UBS downgraded its previous buy rating on the share to "neutral".
UBS, which has also cut its target price for the share from 108 euros to 93 euros, says it is concerned about the growing number of difficulties plaguing the raw materials market.
"With EBITDA growth and FCF yield below the average of peers in 2020/2021 we see the valuation gap remaining," the broker adds in its report.
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