BASF downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded BASF (BASFY) to Underweight from Equal Weight with an unchanged price target of EUR 40. Recent gains appear positioning-driven rather than fundamental, argues the analyst, who thinks policy headlines support sentiment, but not earnings. Valuation is “unjustifiably high” and FY26 EBITDA looks vulnerable based on weak exit rates, the analyst added.