Braskem downgraded to Underperform from Neutral at BofA

BofA downgraded Braskem (BAK) to Underperform from Neutral with a price target of $2.80, down from $3.30, citing growing concerns around the company’s liquidity position. The firm expects Braskem’s cash burn to persist amid tight petrochemical spreads and notes that the company faces $383M in debt maturity this year, which it sees “further constraining financial flexibility.”