Syensqo: Deutsche Bank upgrades to buy, share price rises

(CercleFinance.com) - Syensqo climbed on the Brussels Stock Exchange on Monday in the wake of a recommendation upgrade by Deutsche Bank, to 'buy' from 'hold' on the Belgian chemicals group's stock.


At around 4.15pm, Syensqo shares were up almost 3%, the biggest gainer on the BEL 20 index, which was up 0.1% at the same time.

Deutsche Bank, which had downgraded its recommendation on the stock in October due to price and automotive market issues, notes that its share price has since fallen by 12%, against a backdrop of economic fears and market volatility.

While Syensqo published better-than-expected third-quarter results, the research firm believes that the share has now become "too cheap", seeing a potential upside of 24% against its unchanged price target of 87 euros.

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