HSBC downgraded several European chemical companies, citing valuation. "Following a rally of more than 25% in the sector since early October, we believe the risk is now to the downside as earings still have further to fall.
- Clariant AG was cut to underweight from neutral,
- BASF AG, Lanxess AG and Linde AG were cut to neutral from overweight
- Givaudan SA and Umicore SA were cut to underweight from neutral.
- BASF AG, Lanxess AG and Linde AG were cut to neutral from overweight
- Givaudan SA and Umicore SA were cut to underweight from neutral.
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