Morgan Stanley downgraded BASF to Underweight from Equal Weight with a price target of EUR 39, down from EUR 43. The analyst says a “structural shift in the cost curve” challenges BASF’s verbund concept in Europe, and earnings power near and medium term. This makes it is increasingly challenging for BASF to balance its commitments to growth, dividends, and decarbonization, the analyst tells investors in a research note.
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