BASF: shares fall after broker cuts outlook
(CercleFinance.com) - BASF shares are down 1.
3% at 84.2 euros on Friday, after UBS reduced its earnings outlook and target price for the German chemicals giant.
While still "neutral" on the stock, the broker has cut its target price from 103 euros to 90 euros, and has reduced its earnings estimates for 2018 and 2019 by 5%-6%.
Even so, UBS thinks that the stock is supported by its valuation, following a weak year-to-date performance.
The shares are currently the third sharpest faller on the DAX index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
3% at 84.2 euros on Friday, after UBS reduced its earnings outlook and target price for the German chemicals giant.
While still "neutral" on the stock, the broker has cut its target price from 103 euros to 90 euros, and has reduced its earnings estimates for 2018 and 2019 by 5%-6%.
Even so, UBS thinks that the stock is supported by its valuation, following a weak year-to-date performance.
The shares are currently the third sharpest faller on the DAX index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.