BASF downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Chetan Udeshi downgraded BASF (BASFY) to Underweight from Neutral with a price target of EUR 45, down from EUR 52. The recent weaker macro data points in the U.S. and the elevated uncertainty on the potential impact from trade tariffs means that the near-term earnings outlook for the European chemicals sector “has become cloudier,” the analyst tells investors in a research note.