Wacker Chemie downgraded to Hold from Buy at Stifel

Stifel analyst Andreas Heine downgraded Wacker Chemie (WKCMF) to Hold from Buy with a price target of EUR 77, down from EUR 135, citing a “pessimistic long-term outlook” for the solar grade polysilicon business. The U.S. photovoltaic market is the only one left showing profitable margins for Wacker’s solar-grade polysilicon business, which bears the risk of being structurally oversupplied, says the analyst, who notes that the firm’s EBITDA forecast for the Polysilicon segment in FY25 of EUR 54M compares to the consensus estimate of EUR 265M.