Lanxess: shares fall after broker downgrade

(CercleFinance.com) - Lanxess shares are down 0.
4% at 50.4 euros on Thursday, after Berenberg downgraded its rating on the German specialty chemicals company to "sell," against "hold" previously, while trimming its target price for the share to 53.5 euros, from 55 euros previously.

In a note to clients, Berenberg said its growth concerns have indeed been confirmed, due to the deceleration of the auto sector.

"With guidance for 2019 EBITDA to be around the previous year's level, management confirmed the concerns we raised about growth in our September initiation," it wrote.

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