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BASF: Jefferies downgrades stock

( - Jefferies has downgraded its rating on BASF shares from "buy" to "hold", while cutting its target price for them from 60 euros to 47 euros, after cutting its 2023-24 EBIT estimates by 13% (to levels that are 8% below the consensus on average).

"BASF's position on the global cracking cost curve has deteriorated and is exposed to further risk via seasonal shutdowns on gas availability," the broker said.

"Its required investment to expand China production also represents a significant cash drain, increasing dividend and balance sheet risk at a challenging time in the cycle," it adds.

The share is currently down about 1.4% in Frankfurt.

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