BASF: Berenberg cuts target price
(CercleFinance.com) - Berenberg has cut its target price for Germany's BASF from 85 euros to 70 euros, while maintaining its "buy" rating on the stock.
In a note to clients, the broker said that the weakening macroeconomic growth outlook in China has now taken the forefront, which is one of the main reasons why the company has cut its full-year 2018 guidance.
Last week, the German chemicals giant said it now expects operating profit to fall by 15% to 20% this year, greater than a previously expected fall of up to 10%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note to clients, the broker said that the weakening macroeconomic growth outlook in China has now taken the forefront, which is one of the main reasons why the company has cut its full-year 2018 guidance.
Last week, the German chemicals giant said it now expects operating profit to fall by 15% to 20% this year, greater than a previously expected fall of up to 10%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.