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BASF: shares down in Frankfurt after downgrade.

(CercleFinance.com) - Shares of German chemicals maker BASF are currently down 0.
6% at 93.3 euros in morning trading on Thursday after an analyst at UBS downgraded the stock.

In a research note sent to investors, UBS wrote that it has cut its rating on the stock from "buy" to "neutral," citing its recent run-up and the pressures the company faces on commodity prices.

While UBS says BASF shares continue to offer "strong valuation support," maintaining a target price of 99 euro price target for the stock, the broker sees macro headwinds building and margins falling upstream.

BASF shares have been trading as low as 93 euros so far on Thursday. In comparison, the DAX index is up 0.3%.

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