Lanxess price target raised to EUR 29 from EUR 28 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Lanxess to EUR 29 from EUR 28 and keeps a Buy rating on the shares. The firm forecasts Q4 2023 EBITDA down 48% year-over-year driven by declines in Advanced Intermediates and Specialty Additives. Deutsche also expects management to guide directionally but to be very cautious at the start of the year given recent profit warnings to ensure credibility. Additionally, the firm expects all divisions to improve year-over-year in 2024 and the improvement to be driven by reduced outages, cost cuts and an increased focus on EBITDA generation.