Brenntag downgraded to Neutral from Buy at Citi

Citi analyst Marc Van’T Sant downgraded Brenntag (BNTGY) to Neutral from Buy with a price target of EUR 65, down from EUR 85. With management now in talks with Univar (UNVR) about a possible takeover, the risks associated with owning Brenntag "have increased considerably," due to funding requirements of a potential Univar acquisition, possible revenue dis-synergies and integration risk across multiple markets, Van’T Sant tells investors in a research note.