BASF downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Gunther Zechmann downgraded BASF to Market Perform from Outperform with a price target of EUR 41, down from EUR 57. The analyst no longer views an industrial production recovery in the next 12 months as likely enough to believe BASF can outperform the market. While the stock’s valuation is “notably cheap,” limiting downside, the sell-side “have got ahead of themselves” in their 2024 forecasts, the analyst tells investors in a research note.