Jefferies Downgrades Evonik Industries to Hold Amid Fading Earnings Boost
Jefferies has downgraded German chemical producer Evonik Industries (EVKIF) from Buy to Hold, setting a price target of €21. The downgrade follows concerns that the company's recent earnings boost, driven by disruptions in the Middle East, is beginning to fade. Analysts suggest that Evonik's near-term stock performance may be increasingly dependent on potential strategic engagements with BASF rather than organic growth drivers. Following the announcement, shares of Evonik fell 2.8% during Thursday's trading session.
Tickers: $BASFY