BASF upgraded to Hold from Underperform at Jefferies

Jefferies upgraded BASF to Hold from Underperform with an unchanged price target of EUR 43. Global upstream chemical product spreads have improved slightly from 20-year lows through summer, the analyst tells investors in a research note. The firm says this, in conjunction with recovering volumes, supports the lower end of BASF’s guidance. With the shares trading at an 8% dividend yield, the stock’s downside appears more limited, contends Jefferies.