Stifel reiterates its 'hold' recommendation on BASF with a price target raised from 45 to 47 euros, an adjustment exclusively linked to a higher value for Wintershall DEA, the German chemical group's energy subsidiary.

The broker forecasts below-consensus adjusted EBIT for the fourth quarter, and points out that the 2023 full-year forecast of €3.85 billion compares with a low end of the target range of €4 billion.

'The potential for earnings growth in 2024 is limited, in our view. This is particularly true for upstream activities, which are starting out with a low margin run-rate", adds Stifel.

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