BASF upgraded to Buy from Hold at Jefferies

Jefferies upgraded BASF (BASFY) to Buy from Hold with a price target of EUR 53, up from EUR 43. The firm approaches 2025 in European chemicals with some subsector view changes. It is more constructive on diversified chemicals versus the cyclicals on improved volumes and spreads. The analyst also favors industrial gases versus consumer on improving relative growth and pricing power. Jefferies also expects the agriculture end markets to extend their challenging outlook.