(CercleFinance.com) – Stifel reiterates its ‘hold’ recommendation on BASF with a price target increased from 45 to 47 euros, an adjustment linked exclusively to a higher value for Wintershall DEA, the energy subsidiary of the German chemical group.
The broker forecasts adjusted EBIT below consensus for the fourth quarter, and highlights that the 2023 annual forecast of 3.85 billion euros compares to the lower end of the target range of four billion.
‘The potential for improvement in results for 2024 is limited, in our opinion. This is particularly true for upstream activities, which start with a low rate at the margins,’ adds Stifel.
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