Arkema upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Arkema to Neutral from Underweight with an unchanged price target of EUR 92. The firm’s “broadly unchanged” FY24 and FY25 adjusted EBITDA estimates remain 3% and 4%, respectively, below Bloomberg consensus, but based on recent datapoints as well as recent Arkema management and peer comments indicating a potentially slower demand recovery, the firm believes buyside expectations for FY24 are now more aligned with its own estimates and notes that the stock is now about 7% below its unchanged price target.