BASF resumed with Neutral from Overweight at JPMorgan

JPMorgan downgraded BASF to Neutral from Overweight with a price target of EUR 52, down from EUR 58, after resuming coverage following a period of restriction. The near-term macro backdrop remains tough with the timing and the magnitude of any demand inflection from China stimulus and the ongoing interest rate cuts in multiple regions uncertain, the analyst tells investors in a research note. The firm believes BASF’s mid-term industry supply/demand looks unfavorable.