Joh. Berenberg, Gossler & Co. KG (Berenberg Bank) has examined BASF shares, and here are the detailed results.
The private bank Berenberg has upgraded BASF from “Hold” to “Buy” and raised the price target from 50 to 58 euros. “It’s now or never,” wrote analyst Sebastian Bray in a study available on Wednesday. There could be no better selling argument than the beginning of recovery from the worst sales crisis in the European chemical industry in decades.
BASF is expected to present its profit and sales figures for Q1 2024 on April 25, 2024.
BASF and Johnson Matthey drive the chemical sector
In the European chemical sector, BASF and Johnson Matthey set the positive tone on Wednesday. BASF shares benefited from optimistic assessments by analysts, while Johnson Matthey’s sale of its medical device components business was well received. The British will sell it to the financial investor Montagu for 550 million pounds and want to use part of the proceeds to buy back shares. This prospect spurred the course.
In the slightly higher DAX, BASF rose in price by 2.53 percent to 51.88 euros at the close of trading. In doing so, they continued their recent rally, which gave investors a price increase of more than a fifth in the past two months. Since the beginning of the year, BASF has gained six percent, which means that they are still slightly behind the German benchmark index, but are in a better position compared to Europe’s chemical sector.
“Now or never,” was the headline of analyst Sebastian Bray from Berenberg Bank in a study on BASF available on Wednesday and recommended buying the shares with a price target of 58 euros. According to the expert, there could be no better selling argument than the beginning of recovery from the worst sales crisis in the European chemical industry in decades. Not only Berenberg is becoming more confident about BASF, the Chinese investment bank Guotai Junan Securities also rated the Ludwigshafen-based company’s shares as “overweight”.
With the price increase in the middle of the week, BASF is at its highest price level since the end of February last year. Johnson Matthey reached its highest level since May 2023 during trading and gained 7.76 percent to 1,840 pence at the close of trading. They were among the biggest winners in the British FTSE 250 index, which contains the shares of the 250 largest companies in Great Britain after those in the leading barometer FTSE 100.
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