BofA shakes up ratings to get ‘more offensive’ in U.S. Chemicals

BofA analysts Matthew DeYoe and Steve Byrne are shaking up their ratings in the U.S. Chemicals space to take a "more offensive stance," while refraining from going "all in" on risk assets until they see more confirmation from macro and commodity markets, they tell investors in a sector note. In that context, the team upgraded Chemours (CC) and Eastman Chemical (EMN) to Buy from Neutral, double upgraded Livent (LTHM) to Buy from Underperform, and raised both Dow Inc. (DOW) and Corteva (CTVA) to Neutral from Underperform. Meanwhile, to keep at least 20% of their coverage at Underperform, they downgraded Univar (UNVR) to Underperform from Buy and also double downgraded IFF (IFF) to Underperform.