HSBC downgraded BASF to Hold from Buy with a price target of EUR 46, down from EUR 57, following forecast reductions to reflect weak trading for longer. Evasive demand rebound, weak order books and an unlikely recovery in the second half of 2023 means a possible cut to consensus, the firm says. Inventory unwind, low industrial confidence, weak chemical prices and rising global rates mean the rebound moves to 2024, HSBC adds.
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