Oddo BHF maintains its 'outperform' rating on Arkema shares, with an unchanged price target of 110 euros after attending a meeting between the CEO and analysts.

The broker highlights the company's 'good management' despite 'a difficult context', and points out that visibility is still considered problematic, with no sign of recovery.

'Arkema's more downstream position may explain this cautious discourse by management compared with other players in the sector', judges Oddo BHF.

In this still uncertain context, EBITDA for Q1 2024 looks set to be only in line with Q4 2023, despite positive seasonality. And the EBITDA guidance for 2024 is broad (E1.5-1.7 bn, i.e. +0-13%).

Oddo BHF is nevertheless confident in the Group's ability to stand out in the next cycle of demand recovery.


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