BASF: Stifel still a buyer - nudges up target price
(CercleFinance.com) - Stifel maintains its buy rating on BASF shares and has nudged up its corresponding target price from 81 euros to 82 euros.
The broker has also raised its forecast for normalised EBIT from 5.3 billion euros to 5.6 billion euros.
"Earnings are predominantly driven by substantially higher margins in upstream," Stifel says.
Analysts point out that "FCF should cover the dividend in 2021 and the proceeds from the Pigment disposal and the potential Wintershall DEA IPO should improve the balance sheet".
The BASF share is up almost 1% on Wednesday afternoon, outperforming a pretty flat market in Frankfurt.
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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.
The broker has also raised its forecast for normalised EBIT from 5.3 billion euros to 5.6 billion euros.
"Earnings are predominantly driven by substantially higher margins in upstream," Stifel says.
Analysts point out that "FCF should cover the dividend in 2021 and the proceeds from the Pigment disposal and the potential Wintershall DEA IPO should improve the balance sheet".
The BASF share is up almost 1% on Wednesday afternoon, outperforming a pretty flat market in Frankfurt.
Copyright (c) 2021 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.