FRANKFURT (dpa-AFX Broker) – A generally more optimistic assessment of the European chemicals sector by Goldman Sachs is driving up shares of Evonik and Symrise on Tuesday morning. Analyst Georgina Fraser has shifted from a defensive stance to a pro-cyclical approach. Although sentiment remains poor, Fraser notes there are early signs of economic recovery and improvement in the industry environment.
Fraser adjusted her outlook in a total of seven cases, most of them upgrades. For Evonik, she completely reversed her previous view, changing a sell recommendation to a buy. As a result, Evonik shares climbed in pre-market trading on the Tradegate platform to as high as €15.69. This would allow them to move back above their exponential 200-day average in regular Xetra trading. Back in January, the shares had hit a record low of €12.49.
Symrise also rose noticeably to €74 following a buy recommendation. This continues the stock's bottoming process after hitting around €65 in December. Meanwhile, shares of Swiss competitor Givaudan, active in the flavors and fragrances sector, wobbled after Fraser issued a sell recommendation./ag/stk
