BASF: shares gain on MainFirst upgrade
(CercleFinance.com) - Shares in BASF, the world's largest chemical maker by sales, advanced 2.
6% to one of the top positions of Germany's blue-chip index on Thursday, as MainFirst raised its recommendation on the stock to "buy."
In a note to clients, the German broker said that the chemicals giant's activity in the third quarter could bring "higher mid-term confidence."
"From the depressed level in the second quarter, we expect a more pronounced rebound than at other value stocks in the third quarter," MainFirst said.
It pointed out that the surface technology (automotive) and materials divisions should drive the momentum, and raised its price target from 47 euros to 64 euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
6% to one of the top positions of Germany's blue-chip index on Thursday, as MainFirst raised its recommendation on the stock to "buy."
In a note to clients, the German broker said that the chemicals giant's activity in the third quarter could bring "higher mid-term confidence."
"From the depressed level in the second quarter, we expect a more pronounced rebound than at other value stocks in the third quarter," MainFirst said.
It pointed out that the surface technology (automotive) and materials divisions should drive the momentum, and raised its price target from 47 euros to 64 euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.