Lanxess downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Jonathan Chung downgraded Lanxess to Underweight from Equal Weight with a price target of EUR 23.50, down from EUR 29. The analyst expects 2024 to be another challenging year for the European chemicals sector, saying weak exit rates from 2023, material oversupply and structural cost curve challenges in Europe dampen a recovery. “While we are near the trough, aggregate expectations are too high, limiting the base case upside in most equities,” the analyst tells investors in a research note.