Brenntag downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Chetan Udeshi downgraded Brenntag to Underweight from Neutral with a price target of EUR 66, down from EUR 83. The ongoing significant demand weakness in the chemical industry, as reflected in multiple recent profit warnings by chemical companies, and the worsening deflationary chemical pricing trend raises the risk of a “sharper-than-expected normalization” of earnings at chemical distributors, the analyst tells investors in a research note.