BASF: Credit Suisse double downgrades stock

(CercleFinance.com) - Credit Suisse announced on Friday that it has downgraded BASF shares directly from "outperform" to "underperform" with a new target price of 46 euros.


In ots comments on the chemical sector, the broker believes that the German group is facing too many unfavourable things at the moment.

According to the analyst, the sector's profitability - at least upstream - peaked point at the beginning of last year, with inflationary pressures, weakening demand and destocking now expected to weigh on its performance.

Against this backdrop, Credit Suisse now prefers the Covestro' stock, on which it has upgraded its rating to "outperform".

The BASF stock is currently flat in a German market that is up about 0.5%.


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