BASF downgraded to Underperform from Hold at Jefferies

Jefferies downgraded BASF to Underperform from Hold with a price target of EUR 39, down from EUR 42. The analyst believes large elements of BASF’s energy intensive upstream European production footprint face structural challenges to generate returns, while its downstream assets underperformance continues through up and down cycles. This is likely to require further heavy investment to gradually shift its production footprint, the analyst tells investors in a research note.