Wacker Chemie downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Wacker Chemie to Equal Weight from Overweight with a price target of EUR 133, down from EUR 165. 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.