Braskem downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded Braskem (BAK) to Sector Perform from Outperform with a price target of R$22, down from R$28. With “most metrics moving the wrong way” sequentially, the firm’s hope for an imminent turnaround for the stock is “beginning to dim,” the analyst tells investors. Mid-cycle, Braskem is “worth much more” than the firm’s revised price target but mid-cycle “seems further away now than it did one quarter ago,” the analyst added.