Lanxess: Jefferies trims target price

(CercleFinance.com) - Jefferies maintains its 'underperform' rating on Lanxess shares, trimming up its target price for them from E22 to E21, in the wake of minor changes to its EBITDA estimates for the German specialty chemicals group.


Lanxess is one of the most exposed stocks (both operationally and financially) to a recovery in demand and the cycle within our coverage, the broker summarises.

However, with expectations of a sustainable improvement in volumes still delayed, attention is focused more on its financial leverage (the highest in the sector) and the lack of free cash flow generation throughout the cycle, it warns.


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