Basf: down sharply, UBS no longer Buy

(CercleFinance.com) - Basf shares are down 2% on the Frankfurt Stock Exchange after UBS downgraded its rating on the stock.


UBS has downgraded its advice on the stock to Neutral (from Buy) and lowered its target price to E48 (from E51).

In its note of the day, the analyst believes that an inflection in earnings growth remains elusive.

'Basf faces a difficult year with lower EBITDA forecasts for 2024 and 2025. We rate the share Neutral with a PT of 48 EUR/share', says UBS.

BASF has announced that its activities in chemicals, materials, industrial solutions, nutrition and health will henceforth be considered 'core businesses'.

Conversely, its activities in environmental catalysts, battery materials, coatings and agricultural protection are to become independent entities.

Copyright (c) 2024 CercleFinance.com. All rights reserved.