UBS reaffirms its 'buy' recommendation on BASF with a price target lowered from €61 to €58, a new target still implying a 29% upside potential for the German chemicals giant's stock.

'The acceleration of the recovery in demand is not yet visible; we are reducing estimates but remain 3% above consensus for 2024. The improvement in product spreads in June should also be favorable", believes the broker.

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